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Tabby doubles valuation to $3.3B in $160M funding as it looks beyond BNPL andplans IPO
Tabby, a leading fintech in MENA, has doubled its valuation to $3.3 billion after securing $160 million in funding. This rapid growth is attributed to its expanded product offerings and profitability. The company plans to broaden its financial services, including remittances, and is eyeing an IPO as early as next year, bolstered by investor demand for tech listings in the region.
Key points
- Tabby raised $160 million in Series E funding, boosting its valuation from $1.5 billion to $3.3 billion.
- Growth attributed to new product launches and increased annual transaction volumes, exceeding $10 billion.
- Expanded from online payments to in-store and broader financial services, including a digital wallet acquisition.
- User base increased by 50% to 15 million, supported by partnerships with major brands like Amazon and IKEA.
- Plans to enter the remittance market, initially targeting the UAE-India corridor.
Why it matters
- The rise of BNPL in emerging markets aligns with global trends of fintech expansion.
- Investor interest in tech IPOs is increasing in MENA, following successful listings like Talabat's.
- Klarna's expected IPO may set a precedent for other BNPL firms, impacting Tabby's future plans.
Tabby's aggressive expansion and profitability position it strongly for an IPO, harnessing the growing fintech landscape in MENA. As the region eyes tech-focused listings, Tabby may lead the way, redefining consumer credit in a rapidly evolving market.