By: 5 January 2024

The shopping and financial services app is valued at $1.5bn

Tabby secures $700m J.P. Morgan backing

Tabby, a shopping and financial services app headquartered in Saudi Arabia, has secured $700m in debt financing from J.P. Morgan.  

Additionally, Tabby has extended its series D funding round to $250m, with participation from Hassana, Soros and Saudi Venture Capital (SVC), giving the fintech a valuation of £1.5bn.  

The financing will allow Tabby to expand its products for its 10 million customers across Saudi Arabia, the UAE and Kuwait. The fintech, which offers buy now pay later services, works with 30,000 retailers, including the likes of Amazon, Adidas and SHIEN.  

Hosam Arab, the chief executive officer and co-founder of Tabby 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.” 

George Deves, co-head of Northern European ABS at J.P. Morgan, emphasised the importance of a vibrant and growing consumer lending sector for the local economy. He said: “We are pleased to work with Tabby on this strategic initiative to support retail credit throughout the Middle East.” 

Ahmed Al Qahtani, chief investment officer for regional markets at Hassana, said: “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.”

Image: Tabby  

Josh Poyser
Josh Poyser is a junior editor at FinTech Intel.