UAE-Based Tabby Becomes The MENA's First Fintech Unicorn After Having Raised US$200 Million In A Series D Round The milestone has come just ahead of the enterprise's planned initial public offering (IPO) in Saudi Arabia.
By Entrepreneur Middle East Staff Edited by Aby Thomas
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UAE-based shopping and financial services app Tabby has raised US$200 million in equity financing in a Series D round led by US-based independent investment management firm Wellington Management.
Additional investors in the round included Bluepool Capital, a Hong Kong-based investment management firm; STV, a Saudi Arabia-based venture capital (VC) and private equity entity; Mubadala Investment Capital, the asset management arm of UAE-based Mubadala Investment Company; PayPal Ventures, a VC and private equity platform and the investment arm of US-based PayPal; and Arbor Ventures, Singapore-headquartered global fintech-focused VC.
With this Series D round, Tabby's company value has crossed $1.5 billion, making it the MENA region's first fintech unicorn. This milestone has come just ahead of the startup's planned initial public offering (IPO) in Saudi Arabia.
Tabby currently has 10 million users and works with over 30,000 brands including 10 major retail groups in the region. With its flagship buy-now-pay-later (BNPL) offering currently managing over $6 billion in annualized transaction volume, the new funds are expected to cater to the increasing demand for this particular service.
"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," Hosam Arab, co-founder and CEO of Tabby, said. "We're very happy to have Wellington Management lead this round given their deep expertise in financial services."
Commenting as an investor in Tabby, Abdulrahman Tarabzouni, founder and CEO of STV, said, "Tabby created a new industry and is transforming the way people consume and pay across the 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."
Related: The Future Of Consumer Credit In The Middle East: Empowering Milestones With Fintech
