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Tabby Secures $700 Million in Debt Financing from JP Morgan, Bolsters BNPL Market Presence

Jonathan Wong

Jonathan Wong

22 December 2023

Tabby, the Mubadala-backed buy now, pay later (BNPL) platform, has obtained $700 million in debt financing from JP Morgan to fortify its presence in the expanding MENA BNPL market. Soros Capital Management, Saudi Venture Capital, and Saudi Arabia's Hassana Investment Company contributed $250 million to Tabby's series D investment round, marking its entry into the unicorn club.

George Deves, co-head of JP Morgan's Northern European asset-backed securities, expressed enthusiasm for supporting Tabby's strategic initiative to boost retail credit in the Middle East. The recent funding, in addition to the $200 million raised previously, positions Tabby as a key player in the region's BNPL sector ahead of its planned Saudi IPO.

Tabby's CEO and co-founder, Hosam Arab, highlighted the significance of securitization in reflecting the rapid growth of FinTech in the region. The funds will aid Tabby in reshaping financial services in Saudi Arabia and the broader MENA region, expanding its reach and impact.

With the BNPL model's surge, fueled by millennial and Gen Z preferences, Tabby is well-positioned for growth and innovation. The global BNPL market is expected to reach $565.8 billion by 2026. Tabby's pursuit of additional investments aligns with its commitment to openness, affordability, and responsible lending practices.