The Dubai-headquartered buy now, pay later (BNPL) provider Tabby has raised $50 million in a new equity round which values the company at $300 million.
It makes the fintech firm one of the highest valued startups in the Middle East & North Africa.
This comes one month after Tabby raised $50 million in debt financing bringing its total funding to over $130 million in less than two years.
The latest funding round is led by Global Founders Capital and STV with participation from Delivery Hero, CCVA, and existing investors.
The company's Series B financing will be used to expand its product portfolio and enter a number of new markets.
"With global players consolidating the MENA BNPL space, we at tabby are proud to continue building a local business and work with investors who understand its value. This investment will enable us to deliver the most rewarding and relevant shopping experience for regional consumers and retailers," said Hosam Arab, CEO and Co-founder of Tabby.
This investment also marks Delivery Hero’s first fintech investment in MENA.
Delivery Hero, which owns and operates a number of regional food and grocery delivery companies including Talabat, InstaShop and Hunger Station, has one of the largest customer bases in the MENA region.
Tabby integrates with retailers to allow their customers to shop at their online and physical stores with interest-free installments.
Its app has more than 400,000 active shoppers, with 3,000 daily downloads making it one of the highest-ranked shopping apps in the markets in which it operates.
The company recently launched its own cashback loyalty programme which rewards users who shop using the tabby app with cash that can be used to pay off their outstanding installments or deposited into their personal bank accounts.
Tabby works with more than 2,000 partners including global brands like Adidas, IKEA, SHEIN, VogaCloset and regional retail groups like Chalhoub Group, Al Futtaim Group, Landmark Group, and Apparel Group.
Existing investors Arbor Ventures, Mubadala Investment Capital, Raed Ventures, Global Ventures, MSA Capital, VentureSouq, Outliers VC, The Jameel Investment Management Company(JIMCO), and HOF all participated in the Series B financing.