UAE based FinTech Tabby raises $7 million in new investor funding
Startup offers consumers 'buy now, pay later' option and without credit cards
Dubai: The UAE based Tabby, which offers a ‘buy now, pay later’ option for retailers and shoppers, has raised $7 million, with investors including Raed Ventures, MSA Capital and Arbor Ventures, which is an existing investor
The startup was launched last year by Hosam Arab, a co-founder and CEO of online retailer Namshi, with an initial $2M in seed funding. The Tabby solution allows retailers in the UAE and Saudi Arabia offer customers flexible payment solutions.
According to Arab, “We are pleased to bring our solution to Saudi Arabia at a time when consumers and merchants alike will be strapped for cash. This funding will give our merchant partners further security that we are sufficiently capitalized to support their sales.”
Tabby’s Pay Later option – which is an alternative to cash-on-delivery - allows customers to purchase products online using their mobile phone number and email address and requires no pre-registration or credit card to use. The installment option gives them the flexibility to pay for the purchases in “interest-free installments without requiring a credit card”.