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UAE-Based BNPL Startup Tabby Secures $150 Million Financing

Since its founding in 2019, Tabby has raised a total of $275 million in capital, including a Series B raise earlier this year.

Tabby, a Buy Now, Pay Later (BNPL) startup based in the UAE, has secured $150 million in debt financing from U.S based firm Atalaya Capital Management, alongside existing investor Partners for Growth.

Since its founding in 2019, Tabby has raised a total of $275 million in capital, including a Series B raise earlier this year. The startup has grown 10 times in revenue, eight times in active customers and tripled its active retailer partners in H1 2022, compared to the same period last year. According to Tabby, this latest raise represents the largest credit facility ever secured by a fintech startup in the GCC.

The Middle Eastern BNPL market size is expected to experience exponential growth in the next few years. According to Precedence Research, the market is projected to be worth $89.27 billion by 2030, with a CAGR of 32.31% from 2022 to 2030. Some of the region’s leading BNPL players include UAE’s Cashew which raised $10 million in May 2022, and MNT-Halan which raised $120 million in September 2021.