Tabby raises Series C funding of $58M, at valuation of $600M
This round makes Tabby one of the most valuable startups in MENA and the first in the GCC to receive funding from PayPal Ventures.
Middle East and North Africa (MENA) based shopping and financial services startup, has raised $58 million from Sequoia Capital India, PayPal Ventures, STVI, Arbor Ventures, Mubadala Investment Capital, and Endeavor Catalyst.
With this Series C funding, Tabby is now valued at $600 million, making it one of the most valuable startups in the MENA region, the company said in a statement. It is also the first company to receive funding from PayPal Ventures in this region.
The funding will be used to expand the startup's product line and support the company's operations, the company said. Tabby works with over 10,000 brands which include 9 out of 10 include the largest retail groups in MENA, till date. It recently launched noon, the region's largest ecommerce marketplace.
Rising inflation and interest rates has made it important for people to have access to flexibility in payments and to stay in control of their finances, said Hosam Arab, CEO and Co-founder Tabby. "Despite downward pressure on fintech valuations, our business continues to sustainably scale as we lead the generational shift towards fair and transparent financial products in MENA," Hosam added.
Tabby crossed 3 million active shoppers, and its revenue grew by 5 times, taking it's operations to Egypt last year.
"Over the next few years, it has the opportunity to offer several innovative products to its consumers to improve access while creating more affordability," GV Ravishankar, MD, Sequoia India. "The team has done this with continued focus on good credit quality and strong economics," he added.
The fintech firm has also issued over 150,000 Tabby Cards six months after launching its cards program with in-store sales making over 10% of the company's volumes.
