In a groundbreaking move for the Middle East and North Africa (Mena) region, Tabby, the leading shopping and financial services app, has successfully secured a staggering $700 million in receivables securitization from JP Morgan. This monumental deal marks the largest asset-backed facility ever obtained by a fintech company in the Mena region, underlining Tabby’s pivotal role in reshaping personal finance and shopping experiences.
Series D Financing Expansion:
Simultaneously, Tabby has extended its Series D financing to an additional $250 million, with the participation of key investors, including Hassana Investment Company. The financing round also saw support from prominent entities such as Soros Capital Management from the United States and Saudi Venture Capital (SVC) based in the Kingdom of Saudi Arabia.
The added capital infusion through the Series D expansion and the significant securitization financing from JP Morgan has substantially strengthened Tabby’s balance sheet. This influx of funds positions Tabby strategically to meet the rising demand for its core buy now, pay later platform while facilitating further expansion of its financial services and shopping products.
Strategic Partnerships and Vision:
Hosam Arab, CEO, and Co-Founder of Tabby expressed his enthusiasm, stating that the securitization deal is a major milestone for Tabby and a first of its kind in the region. Arab highlighted the rapid growth and evolution of the fintech landscape in Mena and expressed pride in the collaboration with JP Morgan, Hassana, Soros, and SVC. He emphasized the confidence these institutions have shown in Tabby’s vision and capabilities.
George Deves, Co-Head of Northern European ABS at JP Morgan, commended the collaboration with Tabby, recognizing the importance of a vibrant and growing consumer lending sector for the local economy. He expressed satisfaction in working with Tabby on this strategic initiative to support retail credit throughout the Middle East.
Commitment to Growth and Innovation:
Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, highlighted the significance of the recent Series D funding round and the $700 million asset-backed securitization in supporting Tabby’s expansion. As a committed long-term investor, Al Qahtani expressed belief in Tabby’s vision to empower consumers and merchants, reshape the future of financial services in Saudi Arabia and the broader Mena region, and maintain its commitment to transparency, affordability, and responsible lending practices.
Tabby’s remarkable achievement in securing $700 million in debt financing from JP Morgan, coupled with the expansion of its Series D funding, signals a new era for fintech in the Mena region. As the company continues to innovate and grow, Tabby is well-positioned to amplify its impact on consumers and merchants, solidifying its role as a key player in reshaping the landscape of financial services in the region.
