Tabby, the MENA’s shopping and financial services app, has raised $200 million in equity financing led by Wellington Management.
The equity financing drew additional participation from growth equity investor Bluepool Capital, in addition to existing investors STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures. Tabby’s Series D round values the company at over US$1.5 billion making it the region’s first fintech unicorn ahead of its planned IPO in Saudi Arabia.
The financing fortifies Tabby’s balance sheet to serve the accelerating demand for its flagship buy now, pay later offering, which now manages over $6 billion in annualised transaction volume. The fundraise will be used to continue shaping Tabby’s best-in-class finance and shopping products for consumers and retailers.
Hosam Arab, CEO and Co-Founder of Tabby, said:
“Tabby set out with a purpose to reshape financial services–one that’s fair and responsible–and with this investment we can advance our mission across Saudi Arabia and the UAE. We’re very happy to have Wellington Management lead this round given their deep expertise in financial services.”
Abdulrahman Tarabzouni, Founder and CEO of STV, added:
“Tabby created a new industry and is transforming the way people consume and pay across MENA. Hosam and team built an iconic enterprise that is a reference model in terms of both discipline and disruption; two things that are hard to crack in-tandem. We are excited to see Tabby become an integral part of Saudi’s fintech landscape, nurturing growth and empowering the broader economy.”
The company currently has 10 million users and works with over 30,000 brands including 10 of the largest retail groups in the MENA region. More recently, the company launched Tabby Shop, showcasing over 500,000 products from thousands of brands to help shoppers discover and track the best products and deals in one place. Tabby’s use as a payment method in physical stores including Tabby Card continues to accelerate, now reaching over 20% of total volumes.
