Tabby, a leading shopping and financial services app from Saudi Arabia, has secured up to $700 million in receivables securitization from J.P. Morgan. The deal represents the largest asset-backed facility obtained by a fintech company in the MENA region.
In parallel to the securitization financing, Tabby has extended its Series D financing to close $250 million with participation from Hassana Investment Company. The Series D was also joined by US-based Soros Capital Management and KSA-based Saudi Venture Capital (SVC).
The financing bolsters Tabby’s balance sheet amidst increasing demand for its core buy now, pay later platform and enables more capital to continue expanding Tabby’s financial services and shopping products for its 10 million consumers and 30,000 retailers.
Hosam Arab, CEO and Co-Founder of Tabby, said:
“Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets. We’re incredibly proud of our collaboration with J.P. Morgan, Hassana, Soros and SVC. Their teams’ confidence in our vision and capabilities underscores Tabby’s pivotal role in reshaping personal finance and shopping in MENA.”
Featured image credit: Edited from Unsplash
