UAE-based buy-now-pay-later finance provider Tabby has secured $23m in a series A round that included Raed Ventures, the venture capital arm of conglomerate Almajdouie, Reuters reported yesterday.
Abu Dhabi’s sovereign wealth fund, Mubadala, co-led the round with venture capital firm Arbor Ventures. It also featured Saudi Technology Ventures, which is backed by telecommunications firm Saudi Telecom, in addition to VC firm Global Founders Capital (GFC).
Founded in 2019, Tabby provides a deferred charging scheme enabling consumers in the United Arab Emirates and Saudi Arabia to postpone payment at e-commerce and brick-and-mortar retail outlets for up to 30 days, or to pay over four interest-free instalments.
The series A funding will drive the company’s expansion as it looks to scale its product, development and lending capacity. It raised $7m in a June 2020 round led by Raed Ventures that included Arbor Ventures and private equity and venture capital firm MSA Capital.
The June round came after GFC led Tabby’s $2m seed round in November 2019 with contributions from Arbor Ventures, founders fellowship programme Wamda and unnamed additional backers.