Tabby, a BNPL company based in the MENA region, has just closed a series C round of funding on $58m, valuing the business at $660m.
Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst were among the investors in this round.
Tabby is well-known for its BNPL services, which are provided to its clients in developing nations where credit penetration is limited or having a credit history is too much to expect.
Users particularly like the platform since it lets them purchase goods over four interest-free payments.
Hosam Arab, the CEO, and co-founder of Tabby commented on the funding “It has never been more crucial for consumers to have access to payment flexibility in order to maintain control over their finances due to rising interest rates and rising inflation. Our company is leading the generational transition toward fair and transparent financial solutions in MENA, despite negative pressure on fintech valuations “.
Over 10,000 company brands are already partnered with Tabby, and out of those 10,000 companies, 9,000 are from the biggest but also most recognized retail companies in MENA.
Read more on Tech Gist Africa:
KarmSolar, an Egyptian solar power manufacturer, has secured $3 million in debt funding
Suplyd, an Egyptian supply chain startup, has raised $1.6 million
