Tabby announces pre-IPO $700 million debt facility from JPMorgan

Tabby announces pre-IPO $700 million debt facility from JPMorgan

UAE-founded and Saudi Arabia-headquartered fintech Tabby has secured a $700 million debt financing round from JPMorgan, ahead of its planned initial public offering (IPO) in the kingdom.

Last month, Tabby raised $200 million in Series D equity financing at a valuation of $1.5 billion. Tabby also upsized its debt facility to $350 million after closing a new financing round led by San Francisco-based Partners for Growth (PFG), along with Atalaya Capital Management and CoVenture.

Founded in 2019 by Hosam Arab, Tabby offers users a buy now pay later (BNPL) facility for shopping online and offline.  It currently manages over $6 billion in annualised transaction volume.

Press release

Tabby, the MENA’s leading shopping and financial services app, 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