Back to the complete issue
Thursday, 19 January 2023

Dubai’s Tabby raises whopper USD 58 mn series-C round

Dubai-based BNPL startup Tabby has been valued at USD 660 mn after it raised USD 58 mn in a series C funding round, the said in a statement yesterday. That makes it one of the most valuable startups in the MENA region.

The investors: Sequoia Capital India, Saudi venture capital firm STV, PayPal Ventures — which made its second MENA investment following its funding of Egyptian fintech startup Paymob in May — Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst.

Egypt knows Tabby: The fintech startup launched in Egypt last September after raising USD 275 mn from unspecified global and regional investors. Its office here is headed by finance industry veteran Ahmed Khalil (LinkedIn) who in 2015 joined Uber, where he led operations in Egypt and then MENA before being named GM for Egypt.

Expansion plans: In an interview with Bloomberg, Tabby co-founder and CEO Hosam Arab (LinkedIn) said the raised funds will be used to expand the firm’s product offering and support its expansion plans, adding that taking Tabby public is “something that is potentially in the works once optimism does return to the markets.” Tabby plans to tap into the BNPL sector’s potential market of 150 mn users in the region to grow its 3 mn active users. The firm is also on the lookout for potential M&As.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.