UAE-based "buy now, pay later" (BNPL) provider Tabby and payments company Paymob have announced a partnership which they say will fuel retailer growth in Egypt.
Paymob users will now be able to use the Tabby BNPL system, allowing them to split payments into four instalments.
The two companies are continuing to capitalise on the MENA region’s burgeoning e-commerce industry, which they said will reach a value of $48 billion in 2023.
Tabby is present in Egypt, the UAE and Saudi Arabia, catering to two million users, while Paymob enables online and in-store payments using both point of sale terminals and Paymob app products across 30 payment methods and 120,000 SME merchants.
UAE-based Tabby secured $150 million debt financing in August, following previous funding series that attracted several investors, including Mubadala Investment Company. Egypt-based Paymob raised $50 million in series B funding in May.
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)