Tabby raises $58 million Series C from Sequoia Capital India, STV and PayPal Ventures

Tabby raises $58 million Series C from Sequoia Capital India, STV and PayPal Ventures

UAE-based fintech Tabby, has raised $58 million in a Series C round from Sequoia Capital India, STV and PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst, valuing the company at $660 million. The round also marks PayPal’s Ventures first investment in a GCC startup. 

Founded in 2019 by Hosam Arab, Tabby is a fintech startup that offers users a buy now pay later (BNPL) facility for shopping online and offline.

The fintech works with over 10,000 brands including 9 out of the 10 largest retail groups in Mena. Last year, Tabby crossed three million active shoppers, expanded its operations to Egypt and grew 5x in revenue over the previous year.

The company has issued over 150,000 Tabby Cards, allowing users to purchase goods in-store and paying for them in instalments. In-store sales now make up over 10 per cent of the Tabby’s volumes.

Tabby will use the new funding to expand its product line into next-generation consumer financial services and support the company’s growing operations. This latest round takes the company’s total funding to date to $333 million. 

Source: press release

Tabby, MENA’s leading shopping and financial services app, has raised $58 million from Sequoia Capital India,