Explore Tabby’s transformative journey in the Gulf’s fintech space, achieving unicorn status in the BNPL sector, backed by powerful investors and poised for a promising IPO.
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Dubai-Based Fintech Giant Hits Unicorn Status
In a remarkable stride that underscores its dominant presence in the Gulf’s fintech space, UAE and Saudi fintech marvel Tabby has spectacularly surged past a whopping $1 billion valuation.
The company, a powerhouse in the ‘buy now, pay later’ (BNPL) domain, successfully garnered an impressive $200 million in its latest Series D funding round, propelling its market valuation to an astounding $1.5 billion.
Heavyweights Back Tabby Ahead of Anticipated IPO
Taking the lead in the investment marathon were notable giants such as Wellington Management.
Their substantial financial infusion was further bolstered by significant contributions from heavyweight investors such as Abu Dhabi’s Mubadala Investment Capital and PayPal Ventures.
As a testament to its thriving success and growing appeal, Tabby is gearing up for an initial public offering (IPO), aiming to list in Saudi Arabia.
Innovating Consumer Finance: The BNPL Revolution
Revolutionizing the consumer finance landscape, Tabby’s BNPL model has emerged as a consumer favorite.
Offering a hassle-free and flexible payment option, consumers can make purchases, ranging from gadgets to jewelry, and conveniently pay off the amount in subsequent months at a compelling zero percent interest rate.
This innovative approach, especially amidst soaring credit card interest rates, significantly enhances consumer purchasing power and flexibility.
Stellar Performance: Navigating the Funding Galaxy
Demonstrating remarkable acumen, Tabby has meticulously navigated its funding ventures over the past three years, resulting in its enchanting unicorn status – a prestigious title awarded to startups that triumphantly achieve a $1 billion valuation.
Fortifying Financial Foundations
The recent flow of funds has significantly fortified Tabby’s financial foundation, allowing it to manage an extraordinary $6 billion annualized transaction volume.
Tabby’s universe has expanded exponentially with a dazzling array of over 10 million users and collaborations with over 30,000 brands, enhancing its market prominence and consumer appeal.
A Flourishing Marketplace: The Launch of ‘Tabby Shop’
In a recent innovative venture, Tabby unveiled the ‘Tabby Shop,’ a vibrant marketplace boasting over 500,000 products.
This enables shoppers to discover and keep track of top-notch products and attractive deals, all conveniently congregated in a single, user-friendly platform.
Notably, Tabby’s usage as a preferred payment method in physical stores has witnessed a remarkable increase, constituting over 20% of total transaction volumes.
Conclusion: A Bright Horizon
Tabby’s triumphant journey to unicorn status, backed by heavyweight investors and marked by innovative ventures such as the ‘Tabby Shop,’ underscores its meteoric rise and promising future in the vibrant fintech universe.