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Tabby, the UAE-based FinTech startup and the region’s first Buy Now Pay Later solution, today announced it has raised $7M to fund its growth and launch its offering in Saudi Arabia. The funding round was led by Raed Ventures with participation from MSA Capital and existing investor Arbor Ventures.
Launched in 2019 by Hosam Arab, previously co-founder and CEO of online retail site Namshi, with an initial $2M in seed funding, Tabby’s mission is to empower consumers to easily buy what they want, when they want, while remaining in control of their finances. Tabby helps retailers across the UAE and KSA boost their sales by offering their customers flexible payment solutions. Tabby’s Pay Later option offers an alternative to cash on delivery (COD) by allowing customers to purchase products online using only their mobile phone number and email address and requires no pre-registration or credit card to use. Tabby’s Pay in Installments option gives customers the flexibility to pay for their purchases in multiple, interest-free installments without requiring a credit card.
E-commerce in the GCC is rapidly growing as a result of Covid-19 as consumers shift their purchase behavior to do more of their shopping online. Coupled with the likely negative financial impact on businesses and consumers in the months to come, Tabby offers a timely and much needed financial product to help customers better manage their spending by splitting their purchases into multiple installments while shopping at their favorite retail stores. This innovative payment solution will empower consumer spending, increase customer loyalty and open up retailers to new customers across the region.
Hosam Arab, co-Founder and CEO of Tabby said: “We are very pleased to bring our best-in-market solution to Saudi Arabia at a time when consumers and merchants alike will be strapped for cash. This funding will give our merchant partners further security and assurance that we are sufficiently capitalized to support their sales.”
Saed Nashef, Raed Ventures’ Founding Partner said: “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. We’re very excited to partner with Tabby, and support its timely launch in Saudi Arabia.”
Tabby also marks this chapter of growth by signing an agreement with Apparel Group, one of the largest retail groups in the Middle East to offer its solution across Apparel Group’s entire online portfolio which includes brands like 6thStreet, Tommy Hilfiger and Aldo.
Dharmin Ved, CEO of 6th Street said “Given the prevalence of cash on delivery in our market and the complexity it presents to our operations, we were keen to partner with Tabby to provide our customers with a simple alternative to COD that takes the hassle out of the process yet keeps our customers happy.”
Tabby has also partnered with over 20 regional e-commerce retailers including Abdul Samad Al Qurashi and Golden Scent with a number of partnership announcements to follow soon.
For more information visit Tabby.ai or visit @TabbyPay
© Press Release 2020
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