The raise: UAE-based BNPL provider Tabby bagged $58 million in Series C funding at a $660 million valuation from investors including PayPal, according to a company statement.
The fintech has earmarked the funds to expand its consumer financial services product line and said the raise makes it one of the most valuable startups in the region.
Tabby defies bearish market: The BNPL firm has successfully completed multiple funding rounds despite a wider slowdown in investment. Global fintech funding dropped 46% year over year (YoY) in 2022, per CB Insights. But Tabby secured a $54 million Series B extension round in March and $150 million in debt financing in August.
A region ripe for BNPL uptake: Favorable BNPL conditions in the Middle East and North Africa contributed to Tabby’s success in securing financial backing.
The bottom line: BNPL looks set to grow in MENA as underserved consumers drive demand. Foreign players could explore establishing a presence in the region before the payment method picks up steam.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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