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Tabby, the prominent shopping and financial services app in the MENA region, has successfully obtained a pre-IPO $700 million debt facility through receivables securitisation in collaboration with J.P. Morgan. Marking a significant milestone, this deal stands as the largest asset-backed facility secured by a fintech company in the MENA region.

Simultaneously, Tabby has extended its Series D financing, accumulating an additional $250 million. This funding round saw the participation of Hassana Investment Company, alongside US-based Soros Capital Management and KSA-based Saudi Venture Capital (SVC).

The infusion of capital reinforces Tabby’s financial position, supporting its burgeoning demand for the buy now, pay later platform. Moreover, this financial injection empowers Tabby to further expand its suite of financial services and shopping products for its extensive consumer base of 10 million and a network of 30,000 retailers.

Hosam Arab, Tabby’s CEO and Co-Founder, expressed enthusiasm about the achievement, stating, “Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets.”

George Deves, Co-Head of Northern European ABS at J.P. Morgan, lauded the collaboration, stating, “We are pleased to be collaborating with Tabby on this new transaction. A vibrant and growing consumer lending sector is vital for the local economy…”

Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, emphasized the impact of the recent funding rounds, highlighting, “The recent Series D funding round, coupled with the $700 million asset-backed securitization, will support Tabby in amplifying its reach and impact.”

The investments signify Tabby’s dedication to empowering consumers and merchants while reshaping the financial services landscape across the MENA region. The company remains committed to transparency, affordability, and responsible lending practices amidst its path toward accelerated growth and market penetration.