Is ‘buy now, pay later’ the future for Gulf digital payments?

Is ‘buy now, pay later’ the future for Gulf digital payments?

Tabby, the UAE and Saudi-based fintech provider, has announced that it has raised Series A financing of $23 million in debt and equity led by Arbor Ventures and Mubadala Capital.

STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and Arab Bank also took part in the funding round which will fuel the company's next stage of growth.

Founded in 2019, Tabby partners with retailers to offer customers online or in-store the ability to defer paying for their purchases for up to 30 days or to pay in four equal monthly installments at zero cost to the consumer.

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Today, Tabby's customers are able to use its service across more than 500 merchants, including leading global brands like IKEA, Toys R Us and Ace Hardware and regional retail giants including Al Futtaim Group, Landmark Group and Apparel Group.

Melissa Guzy, managing partner at Arbor Ventures, said: “We are very excited to have backed Tabby, the leader in Buy Now Pay Later in MENA which is at a tipping point in digital payments. Tabby's network is expanding rapidly, and the company continues to