BNPL fintech Tabby is active in Saudi Arabia, UAE, Egypt and Kuwait.

Tabby, a leading BNPL shopping and financial services app in the MENA region, has raised $58 million in a Series C round led by Sequoia Capital India and including STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst.

The funding values the company at $660 million and will be used to expand its product offerings and support its growing operations. Tabby is now one of the most valuable startups in MENA and is the first in the GCC to receive funding from PayPal Ventures. (Tabby.ai)

Hosam Arab, CEO and Co-Founder, said: “With rising interest rates and growing inflation, it has never been more important for people to have access to payment flexibility to stay in control of their finances. Despite downward pressure on fintech valuations, our business continues to sustainably scale as we lead the generational shift towards fair and transparent financial products in MENA.”

Ihsan Jawad, Partner at STV said: “Backing tabby means tapping into MENA’s $95bn BNPL market opportunity that is just getting started, and being part of the future of financial services across the region.”

Tabby has partnerships with over 10,000 brands, including 9 of the top 10 retail groups in MENA, and recently launched with the region’s largest ecommerce marketplace, noon.

It also has issued over 150,000 Tabby Cards in just six months and in-store sales now make up over 10% of the company’s volumes.

In August 2022 the fintech secured $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG),

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