Gulf buy now, pay later firm Tabby raises $50 mln, to speed up expansion | Reuters

Gulf buy now, pay later firm Tabby raises $50 mln, to speed up expansion | Reuters

Buy now, pay later firm Tabby will accelerate expansion plans into new Arab markets after raising $50 million in its latest funding round, giving it a $300 million valuation, it said on Wednesday.

Tabby, whose investors include Abu Dhabi state fund Mubadala, is already available in Saudi Arabia and the United Arab Emirates where consumers can use its services with over 2,000 merchants including with brands such as Adidas and Ikea.

Chief Executive Hosam Arab told Reuters Tabby would be operational in Qatar, Kuwait, Oman and Bahrain in the next few months and would expand into North Africa "towards the beginning of next year."

"This investment will enable us to deliver the most rewarding and relevant shopping experience for regional consumers and retailers," he said in an earlier statement.