Written by Delisha Fernandes
today
- BNPL
- debt facility
- fintech news
Tabby secured to maximum 700 million dollars Securitization of debt from JP Morgan. The deal represents the largest asset-backed facility acquired by a fintech company in the MENA region.
In addition to this, Tabby extended its Series D funding to $250 million with participation from Hassana Investment Company. US-based Soros Capital Management and Saudi Arabia-based Saudi Venture Capital (SVC) also participated in the Series D.
Hossam Arab, CEO and co-founder of Tabby, said: “The securitization is not only an important milestone for Tabby, but also a first for the region. It reflects the rapid growth and evolution of the fintech landscape in our market. We are very proud of our collaborations with JPMorgan, Hassana, Soros, and SVC. Their teams have confidence in our vision and capabilities to help reinvent personal finance and shopping in MENA. It highlights Tabby’s pivotal role in the build.”
The financing strengthens Tabby’s balance sheet as demand for its core “buy now, pay later” platform grows and expands Tabby’s financial services and shopping products to 10 million consumers and 30,000 retailers. It allows for more capital to continue expanding.
George Debs, Co-Head of Nordic ABS at JPMorgan, said: says: “We are delighted to be working with Tabby on this new transaction. The vibrant and growing consumer finance sector is vital to the local economy and we are delighted to be working with Tabby on this strategic initiative to support retail credit across the Middle East. think.”
Ahmed Al Qahtani, Chief Investment Officer, Regional Markets, Hassana Investment Company said: “Our recent Series D funding round, coupled with our $700 million asset-backed securitization, will help expand Tabby’s reach and impact.” We believe in Tabby’s vision to empower people to do the same and reshape the future of financial services in Saudi Arabia and the MENA region. Tabby is poised for accelerated growth, further market penetration, and continued innovation. ”
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