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.