The deal, which comes just one month after Tabby raised $200 million in a Series D equity round, is supposedly the largest asset-backed facility received by a fintech firm in the Middle East and North Africa (MENA) region.
In addition to this, Tabby has also extended its Series D to $250 million by securing an additional $50 million investment from Hassana Investment Company, Soros Capital Management and Saudi Venture Capital at an unchanged valuation of $1.5 billion.
Founded in 2019 in the UAE and headquartered in Saudi Arabia,Tabby offers its 10 million users BNPL services to make purchases both in-store and online and claims to manage more than $6 billion in annualised transaction volume.
Tabby says the new facility and the extra capital from the Series D extension “bolsters” its balance sheet “amidst increasing demand” for its BNPL services. The fintech plans to deploy the funds to expand its financial services offerings.
The BNPL sector in the MENA region is seeing a rush of funding announcements this week, with Tabby’s competitor Saudi BNPL fintech Tamara also bagging $340 million in a Series C funding round at unicorn valuation.
Source: fintechfutures