- Funding Boost: Middle Eastern BNPL fintech Tabby secures a $700 million debt facility from JP Morgan.
- Record-Breaking Deal: The facility is touted as the largest asset-backed facility received by a fintech firm in the MENA region.
- Series D Extension: Tabby extends its Series D to $250 million, attracting an additional $50 million investment from Hassana Investment Company, Soros Capital Management, and Saudi Venture Capital.
- Company Overview: Founded in 2019, Tabby, based in the UAE and headquartered in Saudi Arabia, offers BNPL services to 10 million users for both in-store and online purchases, managing over $6 billion in annualized transaction volume.
- Strategic Moves: Tabby aims to use the funds to expand its financial services offerings in response to increasing demand for its BNPL services.
- Competitive Landscape: Tabby’s competitor, Saudi BNPL fintech Tamara, also secures significant funding, with $340 million in a Series C funding round at a unicorn valuation.
