UAE-Based Tabby Secures US$700 Million In Receivables Securitization From J.P. Morgan, While Also Extending Its Series D Round To $250 Million In November 2023, Tabby's company value had crossed $1.5 billion, making it the MENA region's first fintech unicorn.
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Tabby, a UAE-based shopping and financial services app, has received US$700 million in receivables securitization from J.P. Morgan, the US-headquartered global financial services provider. The deal is said to be the largest asset-backed facility obtained by a fintech company in the MENA region.
"Securitization is a major milestone, not only for Tabby, but also the first of its kind for the region," said Hosam Arab, co-founder and CEO of Tabby. "It mirrors the rapid growth and evolution of the fintech landscape in our markets. Their teams' confidence in our vision and capabilities underscores Tabby's pivotal role in reshaping personal finance and shopping in MENA."
Commenting on the deal, George Deves, co-Head of Northern European ABS at J.P. Morgan, said, "A vibrant and growing consumer lending sector is vital for the local economy, and we are pleased to work with Tabby on this strategic initiative to support retail credit throughout the Middle East."
Tabby has also raised an additional $50 million from Hassana Investment Company, a KSA-based investment company, to extend its Series D round to $250 million. The round also saw the participation of Soros Capital Management, a US-based family office that invests in alternative assets, and Saudi Venture Capital, a KSA-based venture capital firm.
This round of financing follows Tabby raising $200 million in an equity financing round led by US-based independent investment management firm Wellington Management in November 2023.
"The recent Series D funding round, coupled with the $700 million asset-backed securitization, will support Tabby in amplifying its reach and impact," said Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company. "As a committed and long-term investor, we believe in Tabby's vision to empower consumers and merchants alike and reshape the future of financial services in Saudi Arabia and the wider MENA region. Tabby is poised for accelerated growth, further market penetration, and continued innovation. The company remains focused on delivering exceptional value to both consumers and merchants while maintaining its commitment to transparency, affordability, and responsible lending practices."
Following its Series D round in November 2023, Tabby's company value had crossed $1.5 billion, making it the MENA region's first fintech unicorn.Related: "We Got Funded!" Saudi Arabia-Based Tamara Becomes The Kingdom's First Homegrown Fintech Unicorn