Dubai’s buy-now-pay-later lender Tabby worth $660m after 3rd-round funding

By Andrei Skvarsky.

Tabby, a Dubai-based fintech providing a buy now, pay later (BNPL) service, – making easy-term point-of-sale instalment loans, – has raised $58m in its latest round of funding, which boosted its valuation to $660m.

Tabby’s 2022 revenue was five times the sum it made in 2021, the company said in a statement.

Tabby works with nine key retail groups in the Middle East and North Africa region and recently clinched a deal with noon, one of MENA’s biggest e-commerce marketplaces.

What was the C round (third-stage) funding has made the fintech one of the highest-valued startups in MENA, according to the company.

Some of the money came from the startup’s current stakeholders – UAE sovereign investor Mubadala, British venture capital firm Arbor Ventures and New York-based co-investment fund Endeavor Catalyst.

The rest was put in by new investors – PayPal Ventures, the venture arm of multinational payment company PayPal, the Indian arm of U.S.-based venture capital firm Sequoia Capital, and Saudi venture fund STV.

Tabby said it was the first Gulf startup to receive funding from PayPal Ventures.

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