UAE-based buy now, pay later (BNPL) firm Tabby has raised $200 million in a Series D funding round, according to a LinkedIn post shared by the company.
Tabby is valued at $1.5 billion after the funding round, TechCrunch reported.
Boston-based investment management firm Wellington Management led the funding, while Bluepool Capital participated along with existing investors including, STV, Mubadala Capital, PayPal Ventures, and Arbor Ventures.
“Tabby set out with a purpose to reshape financial services–one that’s fair and responsible–and with this investment, we can advance our mission across Saudi Arabia and the UAE,” the company said in the LinkedIn post.
Founded in 2019 by Hosam Arab and Daniil Barkalov, Tabby has more than 3 million active loan borrowers in Saudi Arabia, Egypt, Kuwait, and the UAE. It has also partnered with multiple brands like Shein, Ikea, H&M, and Bath & Body Works.
Apart from BNPL loans, Tabby offers digital cards that let users split their in-store purchases into four installments without interest.
Tabby had raised $58 million in a Series C round from Sequoia Capital India, STV, and PayPal Ventures, among others, at a valuation of $660 million in January this year, pushing the company into the big league of MENA soonicorns.
The startup raised $50 million in a Series B round in July 2021, followed by an additional $54 million in an extended round led by Sequoia Capital India and STV in March 2022.
In 2020, Tabby raised $23 million in its Series A round led by Arbor Ventures and Mubadala.