India-based fintech Tabby announced this week it raise of $7 million through its latest funding round, which was led by Raed Ventures with participation from MSA Capital and existing investor Arbor Ventures.
Founded in 2019, Tabby states it provides customers with the flexibility to pay for their online and offline purchases either in a deferred single payment or in multiple installments. The platform was launched by Hosam Arab, the former Co-Founder and CEO of online retail site Namshi. The funds will be used to continue the growth of Tabby’s “Buy Now Pay Later” solution in Saudi Arabia.
According to investment brand Wamba, Arab spoke about the investment by stating:
“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. This funding will give our merchant partners further security and assurance that we are sufficiently capitalised to support their sales.”
Wamba further reported that Tabby has partnered with over 20 regional e-commerce retailers, which includes Golden Scent and most recently the Apparel Group, whose portfolio has Tommy Hilfiger and Aldo. Wamba previously participated in Tabby’s $2 million seed funding round, which took place in 2019 and was led by Global Founders Capital. Saed Nashef, Founding Partner at Raed Ventures, added:
“Hosam and his team have built an impressive product that structurally solves key friction points in a transaction for both consumers and merchants, which is especially relevant given the current pandemic. We’re very excited to partner with Tabby, and support its timely launch in Saudi Arabia.”