Saudi Arabia-based Tabby has successfully secured USD 700 million in debt financing from J.P. Morgan and extended its Series D round.

According to the official press release, this J.P. Morgan transaction marks the largest asset-backed facility obtained by a fintech company in the MENA region. At the same time, Tabby has extended its Series D financing round to USD 250 million with the participation of Hassana Investment Company, Soros Capital Management, and Saudi Venture Capital (SVC), along with the original Series D investors.

This additional funding aims to strengthen Tabby's financial position amid the growing demand for its core Buy Now, Pay Later platform. The capital infusion will support the expansion of Tabby's financial services and shopping products for its millions of customers and thousands of retailers. Regarding these new developments, representatives from Tabby highlighted the significance of this new funding, emphasising its reflection of the rapid growth and evolution of the fintech landscape in the region.

They expressed pride in the collaboration with J.P. Morgan, Hassana, Soros, and SVC, underscoring Tabby's pivotal role in reshaping personal finance and shopping in MENA. Representatives from J.P.

Morgan commented on the collaboration, emphasising the importance of a vibrant and growing consumer lending sector for the local economy. Furthermore, officials from Hassana Investment Company talked about the strategic impact of the recent Series D funding and the USD 700 million asset-backed securitisation. They expressed confidence in Tabby's vision to empower consumers and merchants, positioning the company for accelerated growth, increased market penetration, and continued innovation.

More information about Tabby Tabby, active in Saudi Arabia, UAE, and Kuwait, has garnered support from over 30,000 global brands and small businesses according to the company press release. The company is valued at USD 1.5 billion following its latest funding round, which included contributions from Wellington Management, STV, Mubadala Investment Capital, PayPal Ventures, Arbor Ventures, Bluepool, Hassana Investment Capital, Soros Capital Management, and Saudi Venture Capital. In addition to the funding news, Tabby officials reiterated the company's commitment to providing financial freedom and reshaping individuals' relationships with money.

In November 2023, payment solutions provider PayTabs announced a partnership with Tabby to enable the expansion of ecommerce across the Kingdom of Saudi Arabia and the UAE. Through this collaboration, the two companies aimed to advance businesses on the PayTabs Payments platform by providing Tabby’s interest and fee-free split payment solution developing a simplified and secure Buy Now, Pay Later experience for merchants. .