Tabby, one of MENA’s leading shopping and financial services apps, has raised $58 million from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst in a Series C round which values the company at $660 million.
The company announced that the fundraise will be used to expand Tabby’s product line into next-gen consumer financial services and support the company’s growing operations.
This round makes Tabby one of the most valuable startups in MENA and the first in the GCC to receive funding from PayPal Ventures, the company said.
Hosam Arab, CEO and Co-Founder of Tabby, 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.”
He added: “We’re excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers in a region that’s ripe for change.”
The company works with over 10,000 brands including 9 out of the 10 largest retail groups in MENA, and more recently launched with noon, the region’s largest ecommerce marketplace. Last year, Tabby crossed threemillion active shoppers whilst expanding its operations to Egypt and growing revenue over the previous year.
GV Ravishankar, Managing Director, Sequoia India, said: “We are excited to see Tabby grow into a leading consumer focused fintech company for the region. Over the next few years, it has the opportunity to offer several innovative products to its consumers to improve access while creating more affordability. The team has done this with continued focus on good credit quality and strong economics.”
Amongst its other milestones, the fintech company says it has issued over 150,000 Tabby Cards, six months after launching its cards program with in-store sales now making up over 10% of the company’s volumes.
