Saudi Arabia-based fintech platforms PayTabs and Tabby have signed a partnership agreement, under which Tabby’s postpaid services will be available to all PayTabs customers in Saudi Arabia and the UAE, as per an announcement.
By providing Tabby's interest- and fee-free split payment solutions to PayTabs customers, the partnership seeks to improve businesses on the PayTabs Payments platform and give merchants a safe and easy way to offer customers Buy Now, Pay Later (BNPL) services.
PayTabs Group is a Saudi-based payments solution patform that was founded in 2014 by Saudi entrepreneur Abdulaziz Al Jouf. The platform, which has offices in Saudi Arabia and the UAE, processes transactions for merchants and super merchants in different currencies.
Tabby, previously headquartered in the UAE and now headquartered in Riyadh, is a BNPL platform that services more than 10 mn users in Saudi Arabia, the UAE, Qatar, Kuwait and Bahrain. Earlier this month, it became the GCC's first fintech unicorn after securing $200 mn in a Series D funding round.
PayTabs will now provide Tabby as a payment option on the checkout page of their online store to retailers in Saudi Arabia and the UAE. The partnership will allow e-shoppers and online buyers to divide their purchases into four interest- and fee-free installments, giving them more time to make their payments.