Tabby secures $700 million debt facility and $50 million Series D extension

Tabby in November secured $200 million in Series D funding at a $1.5B valuation, making it the Mena region’s first fintech unicorn head of a planned IPO in Saudi Arabia.

The additional $50 million was supported by Hassana Investment Company, with participation from Soros Capital Management and KSA-based Saudi Venture Capital.

The financing fortifies Tabby’s balance sheet to serve demand for its flagship BNPL offering, which now manages over $6 billion in annualised transaction volume. The firm currently has 10 million users and works with over 30,000 brands.

The numbers are on a par with Saudi Arbian BNPL peer Tamara, which last week secured unicorn status on a $340 million funding round.

Speaking of the $700 million debt facility, Hosam Arab, CEO and co-founder of Tabby, says: “Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets.”

Like other large BNPL players, Tabby is extending its product range in a bid to cater for a more rounded shopping experience for its customers.

The company reccently launched Tabby Shop, showcasing over 500,000 products from thousands of brands to help shoppers discover and track the best products and deals in one place. Tabby’s use as a payment method in physical stores including Tabby Card is also picking up steam, now reaching over 20% of total volumes.