Sequoia India, PayPal Ventures back Dubai-based BNPL firm’s $58m round

Tabby, a buy now, pay later firm based in the United Arab Emirates (UAE), has raised US$58 million in a series C round from Sequoia Capital India, STV, and PayPal Ventures, among other investors.

Photo credit: Tabby

The latest raise values Tabby at around US$660 million, making it one of the largest startups in the Middle East and North Africa region. The firm also becomes PayPal Ventures’ first investment in a startup based in a Gulf Cooperation Council market.

Founded in 2019 by Hosam Arab and Daniil Barkalov, Tabby has grown to amass over 3 million active users. In addition to BNPL, the startup also offers Tabby Card – a Visa-powered digital card that lets users split their in-store purchases in four installments without interest.

Without going into specifics, Tabby said it grew its revenue 5x over the previous year.

“Over the next few years, it has the opportunity to offer several innovative products to its consumers to improve access while creating more affordability,” said GV Ravishankar, managing director at Sequoia Capital India.

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Tabby currently has a presence in Saudi Arabia, Egypt, Kuwait, and the UAE. It has more than 10,000 global brand partners including Shein, Ikea, H&M, and Bath & Body Works.

Other investors in the round include:

• Mubadala Investment Capital
• Arbor Ventures
• Endeavor Catalyst