Buy-now-pay-later provider tabby secures $54m in funding
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Buy-now-pay-later provider tabby secures $54m in funding

Buy-now-pay-later provider tabby secures $54m in funding

The investment will support tabby’s international expansion plans

Tabby, the buy now, pay later (BNPL) provider, has extended its series B capital raise by $54m in a round led by Sequoia Capital India and STV, it announced on March 7.

Additional participation from existing investors, including Arbor Ventures, Mubadala Investment Capital and Global Founders Capital (GFC), was also recorded. The investment will support tabby’s international expansion plans and broaden its consumer product offering.

Tabby has over 1,100,000 active shoppers in Saudi Arabia and the UAE, and collaborates with over 3,000 brands. Online retailers using its payment solution have witnessed a more than 10 percentage point decline in the usage of cash on delivery by their customers, a statement said. Additionally, tabby has partnered with seven of the 10 largest retail groups in the GCC.

Read: UAE’s Al-Futtaim Group partners with Tabby to offer flexible shopping options

Read: Buy-now-pay-later provider tabby partners with Saudi’s fashion platform Styli

Read: Buy-now-pay-later platform tabby in new e-commerce partnership in Saudi Arabia

Hosam Arab, CEO and co-founder of tabby, said: “The rapid adoption we continue to see today shows the urgency of consumer demand for flexible and honest payment experiences over predatory interest-driven credit. We are delighted to have Sequoia Capital India support our mission towards creating financial freedom as we embark on a key growth chapter in our journey.”

“Consumer-centric digital financial services provided real-time and without friction can unlock growth of commerce and benefit the ecosystem as a whole and we continue to remain bullish on businesses that can do so at scale,” adds GV Ravishankar, manager director, Sequoia India.

The sector has witnessed one of the fastest rates of BNPL consumer adoption globally, with 24 per cent of consumers in the region reporting having used the option in 2021. Tabby raised over $150m in debt and equity, bringing the company’s total fundraising to date to over $180m, a statement said.

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