BNPL platform tabby raises $54m in Series B extension round

Dubai-based fintech tabby has raised $54 million in a Series B extension round. The raise follows the firm’s initial $50 million Series B in August last year, which at the time valued the company at around $300 million.

The fintech claims 3x as many customers as it had last August

The latest round was led by Sequoia Capital India and STV and saw participation from existing investors Arbor Ventures, Mubadala Investment Capital and Global Founders Capital.

The cash will go towards expanding its product offering and supporting its international expansion plans.

The buy now, pay later (BNPL) provider claims that three times as many people are now using the platform since the Series B raise in August.

Talking to TechCrunch, tabby CEO Hosam Arab says the Middle Eastern markets in which tabby operates – the United Arab Emirates (UAE) and Saudi Arabia – have taken to BNPL at checkout faster than some developed markets. Tabby claims to partner more than 3,000 businesses across the two countries.

Founded in 2019, the company has now raised a total of $186 million. The fintech received $50 million in debt financing in June 2021 and secured a $23 million Series A in December 2020.