Tabby is a financial platform that provides consumers with an opportunity to pay for their online and offline purchases either in a single payment at a later date or in multiple installments. The company seeks to become a credible alternative to cash-on-delivery (COD) or cash payments by allowing customers to check out without the need to enter their credit or debit card details while making a purchase.
The new fundraising round was led by Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst. The fresh funding will be used to expand Tabby’s product line into “next-gen consumer financial services” and support the company’s operations growing business, which now includes Egypt.
Tabby, Dubai, UAE, was founded by Hosam Arab and Daniil Barkalov in 2019. Until last September, Tabby operated in Saudi Arabia, the UAE and Kuwait. Last June, co-founder and CEO Hosam Arab described Egypt as an attractive market with unbanked consumers looking for ways to spend money online beyond what is readily available to them, which is cash. “Currently, Egyptian consumers are used to closing purchases, which often entail additional costs in the form of interest or additional costs. So launching a completely free product for the customer was a huge differentiator, and we saw a lot of demand there,” said Arab, who gave an update on the state of expansion.