Tabby Secures $160M Funding Boost to Propel Financial Services Expansion in MENA Region
Tabby, a prominent financial services and shopping app in the MENA region, has recently completed a successful Series E funding round, raising $160 million and boosting its valuation to an impressive $3.3 billion. This funding triumph reflects Tabby’s rapid growth and innovative approach in the fintech landscape.
Funding Details and Growth Trajectory
The Series E funding round was spearheaded by existing investors Blue Pool Capital and Hassana Investment Company, with additional contributions from STV and Wellington Management. Since its last funding round in October 2023, Tabby has nearly doubled its annualized transaction volume, surpassing $10 billion.
Strategic Acquisitions
One notable development during this period is Tabby’s acquisition of Tweeq, a Saudi-based digital wallet provider. This strategic move enhances Tabby’s already extensive suite of financial services.
Innovative Product Offerings
In addition to its core buy now, pay later (BNPL) services, Tabby has recently introduced several innovative products:
- Tabby Card: A card designed for flexible payment options.
- Tabby Plus: A subscription-based service that offers additional benefits.
- Tabby Care: A buyer protection program for enhanced customer security.
Future Plans and Vision
The new funding will enable Tabby to expedite the expansion of its financial services, which include:
- Digital spending accounts
- Payment solutions
- Card services
- Money management tools
Moreover, Tabby is aligning its growth strategy with Saudi Arabia’s Vision 2030, contributing significantly to the country’s shift towards a cashless economy. This funding also positions Tabby strongly as it prepares for an initial public offering (IPO), marking a crucial step in its long-term growth strategy.
Statements from Leadership
CEO and co-founder of Tabby, Hosam Arab, highlighted the impact of this investment, stating, “This investment allows us to accelerate our rollout of products that make managing money simpler and more rewarding for our customers.” He emphasized the company’s commitment to providing accessible and effortless financial solutions.
Christopher Wu, the chief investment officer at Blue Pool Capital, expressed his enthusiasm, noting, “Tabby’s ability to innovate and deliver exceptional products is truly impressive. Their strong revenue growth and operational efficiency set them apart from other fintech companies globally.”
Ahmed Al Qahtani, chief investment officer for regional markets at Hassana Investment Company, further commented on Tabby’s momentum, stating, “We are consistently impressed with Tabby’s remarkable ability to execute and build significant momentum in such a short time.”
As Tabby continues to redefine the financial services landscape in the MENA region, its innovative approach and strategic partnerships will undoubtedly play a pivotal role in shaping the future of fintech.
