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.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Tabby
Hosam Arab, co-founder and CEO, Tabby

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

Related Topics

Entrepreneurs

Aumet

Aumet provides healthcare data analytics driven by artificial intelligence.

Business News

This Influencer Has Nearly 150,000 Instagram Followers and Makes Over $10,000 a Month. There's Just One Catch—She's Not Real.

Aitana López has over 149,000 Instagram followers and brands love her. Is she the future of social media marketing?

Business News

Soho House Is No Longer Accepting New Members in These Cities

This news comes after years of overcrowding complaints.

Entrepreneurs

Xare

Xare is the world's first credit and debit card sharing platform.

Technology

Future 100 Unveils The Inaugural List Of 100 Companies That Are Shaping The Future Of The UAE

The Future 100 initiative celebrates the private sector's successes in the UAE, recognizing the best 100 emerging companies that significantly enhance the competitiveness of the country's future economic sectors.