The MENA-based BNPL startup Tabby recently closed a $58 million series C round of fundraising, valuing the company at $660 million.
Among the investors in this round were Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst.
The BNPL services offered by Tabby to its clients in developing countries, where credit penetration is low or having a credit history is unreasonable to anticipate, are well-known.
Because the site allows users to spread out their purchases over four interest-free payments, they particularly like it.
The CEO and co-founder of Tabby, Hosam Arab, offered his thoughts on the funding “With rising interest rates and inflation, it is more important than ever for customers to have access to payment flexibility in order to maintain control over their money. Despite pressure on fintech valuations, our company is driving the generational shift in MENA toward fair and honest financial solutions.
Over 10,000 business brands have already joined with Tabby, and 9,000 of those brands are from the largest and most well-known MENA retail companies.