In a landmark development for the fintech sector in the Middle East and North Africa (MENA), UAE-originated and now Saudi-based fintech unicorn, Tabby, has announced a substantial infusion of capital. The firm has secured a staggering $700 million in debt financing from J.P. Morgan, marking a significant moment in its journey of expansion.
Tabby’s Series D Financing and Strategic Partnerships
Alongside this, Tabby has expanded its Series D financing to $250 million. This funding round has seen participation from prominent investors including Hassana Investment Company, Soros Capital Management based in the US, and Saudi Venture Capital (SVC). This move further cements Tabby’s position as a fintech leader in the region.
J.P. Morgan’s Financing: A Record-Setting Endeavor
The financing from J.P. Morgan stands as the largest asset-backed facility ever secured by a fintech company in the MENA region. This strategic partnership enables Tabby to access an unprecedented level of capital for its expansion plans.
Insight from Tabby’s Investment Circle
Ahmed Al Qahtani, the Chief Investment Officer for regional markets at Hassana Investment Company, underscored the significance of this financial milestone. He emphasized that the combination of the Series D funding and the asset-backed securitization from J.P. Morgan positions Tabby for a phase of accelerated growth, deeper market penetration, and continued innovation.
Tabby’s Operational Footprint and Consumer Reach
Tabby’s buy now, pay later (BNPL) platform has seen rapid adoption, now serving over 10 million consumers and partnering with 30,000 retailers across the UAE, Saudi Arabia, and Kuwait.
Further Expansion of Debt Facility
Additionally, Tabby has upsized its debt facility to $350 million following a new round of financing. This round was led by San Francisco-based Partners for Growth (PFG) and included participation from Atalaya Capital Management and CoVenture.
Comprehensive Data Tables and In-Depth Analysis
The report provides detailed tables outlining Tabby’s financing structure, investor contributions, and the impact of this capital influx on its operational expansion. These tables offer a deeper understanding of Tabby’s financial journey and strategic growth plans.
Conclusion
Tabby’s achievement in securing such substantial financing is a testament to the burgeoning potential of the fintech sector in the MENA region. This move not only fortifies Tabby’s position in the market but also signals a growing confidence among global financial institutions in the region’s fintech capabilities. With this new capital, Tabby is well-positioned to further its reach and influence in the evolving landscape of digital financial services.
