Dubai-based fintech startup Tabby has raised $58 million in a funding round led by Sequoia Capital India and STV. The round, which was a Series B extension, values the company at $660 million.
Since its launch in 2019, Tabby has raised over $410 million in equity and debt.
The company, which allows users to make flexible payments for online and in-store purchases from global brands, including H&M, Adidas, IKEA, and Bloomingdale's, was previously only active in Saudi Arabia, UAE, and Kuwait.
But it has seen significant growth since its launch, with more than 3 million users now shopping from 10,000+ brands, including nine out of MENA’s 10 largest retail groups. The company has also issued more than 150,000 Tabby Cards, with in-store sales making up over 10% of the company’s volumes. Tabby’s revenues have increased 5x over the past year.
PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst also participated in the round. This is PayPal Ventures' first investment in the Gulf Cooperation Council (GCC) and second in the MENA region. The funds will be used to expand Tabby's product line and support the company's growing operations, which now include Egypt.