‘Buy Now, Pay Later’ solution launched in the KSA by FinTech startup tabby

Source: IBS Intelligence 2020-07-08

UAE’s FinTech startup – tabby, has announced the launch of its ‘Buy Now Pay Later’ solution in the Kingdom of Saudi Arabia. The Dubai-based company raised $7 million in June. tabby offers customers instant, interest-free instalments at the checkout that allows them to make purchases and pay for them later.

Launched in 2019 by Hosam Arab, previously co-founder and CEO of online retail site Namshi, the now 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 and mindful of their cashflow. Our recent funding will give our merchant partners further security and assurance that we are sufficiently capitalized to support their sales and offer them an exciting alternative way of selling to their customers.”

Now that the company has firmly established themselves in the UAE, expansion into Saudi Arabia forms a key part of its growth and expansion plans in 2020 and beyond. Available since June, tabby is currently available on over 50 regional e-commerce retailers including 6th Street, Abdul Samad Al Qurashi, Golden Scent, Souqalmal, Cncpts, The Good Life and its recently announced partnership with Apparel Group. The company has apprised that further partnership announcements will follow soon.

tabby’s Pay Later option is said to be a great alternative to cash on delivery (COD). This is because it provides customers who prefer to see their purchases before paying for them, the ability to purchase products online using only their mobile phone number and email address. The solution does not require pre-registration or credit cards.

The company’s solution can empower consumers by allowing them to remain in control of their finances. It also increases customer loyalty and opens up retailers to new customers across the region. To take advantage of the payment solution, upon purchasing, the user has to select tabby at the checkout and decide their preferred payment date. Payment can be made in full, 14 days after the delivery, or in instalments, giving customers the flexibility to pay for their purchases in multiple interest-free payments over a number of months.

Tabby

‘Buy Now, Pay Later’ solution launched in the KSA by FinTech startup tabby

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