UAE - Mubasher: Tabby, a UAE-based FinTech startup, has raised $7 million funding to expand its businesses in Saudi Arabia, according to a press release on Monday.
The funding round of the region’s first buy now pay later solution was led by Raed Ventures with participation from MSA Capital and existing investor Arbor Ventures.
With an initial $2 million in seed funding, Tabby was launched in 2019 to provide its customers in the UAE and Saudi Arabia with flexible payment methods.
Its pay later option allows the customers to buy products online by registering their mobile phone number and email without requiring a credit card.
The co-Founder and CEO of Tabby, Hosam Arab, said: "This funding will give our merchant partners further security and assurance that we are sufficiently capitalized to support their sales."
Meanwhile, Raed Ventures’ Founding Partner, Saed Nashef, commented: "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."
