Tabby, a shopping and financial services app in the MENA region, has secured a receivables securitisation of up to $700m from J.P. Morgan.
The transaction marks the largest asset-backed facility ever obtained by a fintech company in the MENA region, said the Saudi Arabia-based firm.
Concurrently, Tabby has expanded its Series D financing, raising an additional $250m, with active participation from Hassana Investment Company.
Notable contributors to the Series D extension include Soros Capital Management based in the US and Saudi Venture Capital (SVC) based in Saudi Arabia.
Tabby said the financing strengthens its balance sheet and positions the company to meet the growing demand for its core “buy now, pay later” platform.
The added capital will further support Tabby in expanding its array of financial services and shopping products, benefiting its vast user base of 10 million consumers and 30,000 retailers.
Tabby CEO and co-founder Hosam Arab said: “Securitisation is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets.
“We’re incredibly proud of our collaboration with J.P. Morgan, Hassana, Soros and SVC. Their teams’ confidence in our vision and capabilities underscores Tabby’s pivotal role in reshaping personal finance and shopping in MENA.”
J.P. Morgan Northern European ABS co-head George Deves said: “We are pleased to be collaborating with Tabby on this new transaction. A vibrant and growing consumer lending sector is vital for the local economy and we are pleased to work with Tabby on this strategic initiative to support retail credit throughout the Middle East.”
Hassana Investment Company regional markets chief investment officer Ahmed Al Qahtani said: “The recent Series D funding round, coupled with the $700 million asset-backed securitisation, will support Tabby in amplifying its reach and impact.
“As a committed and long-term investor, we believe in Tabby’s vision to empower consumers and merchants alike and reshape the future of financial services in Saudi Arabia and the wider MENA region.
“Tabby is poised for accelerated growth, further market penetration, and continued innovation. The company remains focused on delivering exceptional value to both consumers and merchants while maintaining its commitment to transparency, affordability, and responsible lending practices.”
