Mubadala-backed buy now, pay later platform Tabby has achieved unicorn status after it raised $200 million in a series D funding round, joining a highly elite group of billion-dollar start-ups from the Middle East and North Africa.
With a valuation of more than $1.5 billion, Tabby joins the UAE's Careem, Kitopi, Swvl and Emerging Markets Property Group, Saudi Arabia's STC Pay and Egypt's Fawry on the exclusive list.
Why it matters
The investment will help Tabby, which was founded in Dubai, expand its operations in Saudi Arabia and the UAE, the Arab world's two biggest economies, as it prepares for a planned initial public offering in The Kingdom. The BNPL business model, which allows consumers to make online purchases instantly and spread their payments out over interest-free installments, has boomed since the onset of the Covid-19 pandemic.