UAE-based buy now, pay later fintech startup Tabby has raked in $7m funding to launch its services in Saudi Arabia.
The funding round was led by Raed Ventures, which was joined by MSA Capital and existing backer Arbor Ventures.
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The latest fundraising brings the total amount raised by the company to date to $9m.
Launched in 2019, Tabby helps customers better manage their spending by allowing them to split their purchases into multiple, zero-interest instalments while shopping at retail outlets.
On the other hand, its platform enables retailers to provide flexible payment methods, which in turn, help increase their sales, noted the fintech firm.
Tabby co-founder and CEO Hossam Arab 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.
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By GlobalData“This funding will give our merchant partners further security and assurance that we are sufficiently capitalized to support their sales.”
In the Middle East, Tabby inked a deal with the retailer Apparel Group to deploy its solution across the group’s online portfolio.
Apparel Group’s online portfolio includes brands like 6th Street, Tommy Hilfiger and Aldo.
Tabby’s Pay Later solution replaces the Cash on Delivery (COD) option for online purchases as it allows consumers to place order using only their mobile number and email.
