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Meet Tabby, a Middle Eastern fintech that’s creating a buzz in the increasingly competitive fintech sector. Even as other startups grapple with value depreciation, this ‘buy now, pay later’ (BNPL) service has made its mark.

  • Background: Originally from Dubai, Tabby has now established its new base in Riyadh and secured a remarkable $200M in Series D funding; a feat that crowns it as the region’s first fintech unicorn.
  • Funding Precedent: This success comes after an impressive $58M Series C funding round led by Sequoia Capital India and STV. The same entities, along with Mubadala Investment Capital, PayPal Ventures, and Arbor Ventures, have remained faithful backers in this round. New supporters such as Wellington Management and Bluepool Capital have also joined in.
  • Profitability: Unlike its Western counterparts who often struggle with profitability, Tabby is profitable in the Gulf region. This is largely due to the moderate e-commerce penetration and limited access to credit alternatives, making BNPL an essential service rather than a luxury.
  • Target Market: Tabby serves two key customer segments—those with limited access to credit cards, and those who find Tabby’s tokenized payment method convenient. Saudi Arabia is Tabby’s most lucrative market, accounting for 80% of its customers and the majority of its vast annualized transaction volume of over $6B. An IPO in Saudi is in the works, with exact timelines still to be confirmed.
  • Partnerships: The startup has collaborations with over 30,000 brands and serves more than 10 million customers across Saudi Arabia, UAE, and Kuwait.

In the UAE, Tabby launched Tabby Cards last year, which was adopted by over 4,000 stores and contributes to over 20% of the platform’s total volumes. The recent launch of Tabby Shop offers rs over 500,000 products from thousands of brands, creating a convenient shopping hub for customers.

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