UAE-based buy now, pay later startup Tabby has secured a $7 million investment to support its launch in Saudi Arabia. The funding round was led by Raed Ventures with participation from MSA Capital and existing investor Arbor Ventures.
Launched in 2019 with an initial $2M in seed funding, Tabby enables customers to purchase products online using only their mobile phone number and email address and requires no pre-registration or credit card to use. Tabby’s Pay in Installments option gives customers the flexibility to pay for their purchases in multiple, interest-free installments without requiring a credit card.
Hosam Arab, co-Founder and CEO of Tabby said: “We are very pleased to bring our best-in-market solution to Saudi Arabia at a time when consumers and merchants alike will be strapped for cash. This funding will give our merchant partners further security and assurance that we are sufficiently capitalised to support their sales.”
The firm has secured partnerships with over 20 regional e-commerce retailers including Abdul Samad Al Qurashi and Golden Scent and has recently struck an agreement with Apparel Group, one of the largest online retailers in the Middle East.