Saudi Arabia’s Tabby Valued at $1.5 Billion in Pre-IPO Fundraise - Bloomberg
Saudi Arabia-based Tabby raised $200 million in a funding round that values the buy-now-pay-later firm at over $1.5 billion ahead of a planned listing in the kingdom.
The Series D round was led by Wellington Management, with participation from Bluepool Capital and existing investors Saudi venture capital firm STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures, Tabby said in a statement. The fundraise makes Tabby one of the Gulf region’s first fintech unicorns and more than doubles the firm’s valuation from $660 million as of January.
“We are building and broadening out our consumer and merchant offering,” Chief Executive Officer Hosam Arab said in an interview with Bloomberg News. “We are investing heavily in widening the product options available for our consumers, largely around financial services.”
Firms like Tabby allow customers to purchase goods and pay for them in installments. Regionally, it operates in Saudi Arabia, the United Arab Emirates and Kuwait, and competes with firms including Tamara. Tabby has 10 million registered users and works with over 30,000 brands.
Tabby, which was founded in Dubai, set up its headquarters in the kingdom ahead of its plans to go public on the Saudi stock exchange, Saudi Arabia’s Ministry of Investment said in September.
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