Tabby Secures $700 Million Debt Facility in Pre-IPO
This transaction marks the largest asset-backed facility ever obtained by a fintech company in the MENA region.
Buy Now Pay Later Platform (BNPL) Tabby, previously headquartered in Dubai, now based in Riyadh, has announced a pre-IPO achievement with a $700 million receivables securitization facilitated by J.P. Morgan and extended its Series D round to $250 million, according to a statement issued by Tabby.[1]
This transaction marks the largest asset-backed facility ever obtained by a fintech company in the MENA region.
The funds obtained will not only empower Tabby to meet the needs of its existing 10 million consumers but also fuel its expansion plans, benefitting an extensive network of 30,000 global brands including SHEIN, Amazon, Adidas, IKEA, H&M, Samsung and Noon.
In November, Tabby raised $200 million in its Series D funding round, achieving a valuation of $1.5 billion, making it the first Gulf-based fintech to achieve unicorn status.
The November raise came less than a year after Tabby’s $58 million Series C round led by Sequoia Capital India and STV, both of whom participated in the recent unicorn round.
