Riyadh
Tabby, the leading buy now, pay later (BNPL) provider in Saudi Arabia and the UAE has raised $50 million in a new equity round valuing the company at $300 million.
Global Founders Capital and STV led the funding round, with participation from Delivery Hero and CCVA.
Existing investors, including Arbor Ventures, Mubadala Investment Capital, Raed Ventures, Global Ventures, MSA Capital, VentureSouq, Outliers VC, JIMCO, and HOF, also participated.
This comes one month after the firm raised $50 million in debt financing bringing its total funding to over $130 million in less than two years.
The fintech firm’s Series B financing will be used to expand its product portfolio and enter new markets.
The funding will help tabby further service the growing demand for its BNPL products as customer usage continues to soar, especially in Saudi Arabia, the firm’s largest market. Ahmad Al-Shammari, a partner at STV, said: “As the global BNPL market is expected to grow at 30 percent CAGR over the next five years.—AN
