Mubadala-backed unicorn Tabby secures $700m debt financing from JP Morgan – The National

Mubadala-backed unicorn Tabby secures $700m debt financing from JP Morgan – The National

Mubadala-backed buy now, pay later platform Tabby has secured $700 million in debt financing in the form of receivables securitisation from JP Morgan, boosting its balance sheet and efforts to support the growing economic impact of the region's BNPL market.At the same time, the Riyadh-based start-up extended its series D funding round by securing $250 million from Saudi Arabia's Hassana Investment Company, US firm Soros Capital Management and Saudi Venture Capital, Tabby said on Thursday.“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,” said George Deves, co-head of Northern European asset-backed securities at JP Morgan.This is in addition to the $200 million it raised last month, which helped Tabby join an elite group of unicorns, or billion-dollar start-ups, in the Mena region, ahead of its planned initial public offering in Saudi Arabia.The other regional unicorns are the UAE's Careem, Kitopi, Swvl and Emerging Markets Property Group, Egypt's Fawry, and Saudi Arabia's STC Pay and Tamara, which gained unicorn status last week after raising $340 million in a series C funding round.“Securitisation is a major milestone …