#Saudi Unicorn Tabby Gets $700 Million Credit Line From JPMorgan - Bloomberg

Saudi Unicorn Tabby Gets $700 Million Credit Line From JPMorgan - Bloomberg

Saudi Arabia-based Tabby, one of the Middle East’s first fintech unicorns, bolstered its balance sheet with an asset-backed credit line of as much as $700 million from JPMorgan Chase & Co., before a planned listing in the kingdom.

The buy-now-pay-later firm also increased a recent funding round to $250 million after adding Saudi Arabia’s Hassana Investment Co. as an investor. It was also joined by US-based Soros Capital Management and Saudi Venture Capital.

That round had valued the company at more than $1.5 billion, drawing in investors such as STV, Mubadala Investment Capital and PayPal Ventures.

The debt facility will help the firm keep up with growing demand, “and mirrors the rapid growth and evolution of the fintech landscape in our markets,” Tabby said in a statement.

In a recent interview, Chief Executive Officer Hosam Arab said revenue had grown threefold over the past year. “Therefore it was quite important for us to secure sources of capital that can scale as this business continues to scale,” he said.

Tabby, which was founded in Dubai, set up its headquarters in the kingdom before its plans to go public on the Saudi stock exchange, Saudi Arabia’s Ministry of Investment said in September.