Dubai-based Tabby raises $58 million in funding round, valued at $660 million

Dubai-based Tabby raises $58 million in funding round, valued at $660 million

Dubai-based Tabby raised $58 million from investors including Sequoia Capital India in a funding round that valued the buy now, pay later startup at almost $700 million.PayPal Ventures also took part in the Series C capital fundraising, along with Mubadala Investment Capital, Saudi venture capital firm STV, Arbor Ventures and Endeavor Catalyst, Tabby said in a statement. The round valued Tabby at $660 million.For the latest headlines, follow our Google News channel online or via the app.“As we continue to scale, the valuation should continue to follow,” Chief Executive Officer Hosam Arab said in an interview. “We’re not fixated on any particular number or on any particular titles.”Tabby will use the funds to expand its product offering and support its expansion plans, Arab said.Firms like Tabby allow customers to purchase goods and pay for them in installments. Regionally, it operates in Saudi Arabia, the UAE, Egypt and Kuwait, and competes with firms including Tamara. The potential for the buy now, pay later sector in the region is for about 150 million customers, leaving room for Tabby to grow its 3 million active users, Arab said.

Record Year

Arab said he may also explore the possibility of taking Tabby public.Offerings on the Gulf