FinTech startup Tabby secures $7 million funding to launch in Saudi Arabia

Source: IBS Intelligence 2020-06-09

Dubai-based FinTech startup – Tabby, announced the raise of $7 million. The funding will be used for the growth of the ‘Buy Now Pay Later solution’ company and its launch in Saudi Arabia. The funding round was led by Raed Ventures with participation from MSA Capital and existing investor Arbor Ventures.

Hosam Arab, Co-Founder & CEO, Tabby enthused, “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 capitalized to support their sales.”

Tabby has partnered with over 20 regional e-commerce retailers including Abdul Samad Al Qurashi and Golden Scent. Tabby’s Pay Later option offers an alternative to cash on delivery (COD) by allowing customers to purchase products online using only their mobile phone number and email address and requires no pre-registration or credit card to use.

Saed Nashef, Raed Ventures’ Founding Partner said, “Hosam and his team have built an impressive product that structurally solves key friction points in a transaction for both consumers and merchants, which is especially relevant given the current pandemic. We’re very excited to partner with Tabby, and support its timely launch in Saudi Arabia.”

Tabby has signed an agreement with Apparel Group, a retail group in the Middle East, to offer its solution across the group’s entire online portfolio which includes brands like 6th Street, Tommy Hilfiger and Aldo.

Dharmin Ved, CEO, 6th Street stated, “Given the prevalence of cash on delivery in our market and the complexity it presents to our operations, we were keen to partner with Tabby to provide our customers with a simple alternative to COD that takes the hassle out of the process yet keeps our customers happy.”

Spending patterns of consumers are changing in wake of the novel Coronavirus (COVID-19) pandemic. E-commerce in the GCC is rapidly growing now as consumers shift their purchase behaviours. The solution by Tabby enables customers to better manage their spending by splitting their purchases into multiple instalments. The payment solution is expected to empower consumer spending, increase customer loyalty and open up retailers to new customers across the region.

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FinTech startup Tabby secures $7 million funding to launch in Saudi Arabia

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