Gulf buy now, pay later firm Tabby raises $50 million in funding

DUBAI (Reuters) – Gulf buy now, pay later firm Tabby said on Wednesday it had raised $50 million in its latest funding round to help it expand into new markets, giving it a valuation of $300 million.

“This investment will enable us to deliver the most rewarding and relevant shopping experience for regional consumers and retailers,” Chief Executive Hosam Arab said.

Tabby, available in Saudi Arabia and the United Arab Emirates, is among several financial technology startups offering online short-term credit for internet purchases in the Gulf.

The Series B funding round included investment by Global Founders Capital, Saudi venture capital firm STV and Delivery Hero.

Tabby, whose earlier backers included Abu Dhabi state fund Mubadala, says in total it has raised more than $130 million, including $50 million in debt, to date.

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