UAE - Mubasher: Mubadala Investment Company and Arbor Ventures have led the $23 million funding round of the Dubai-based buy-now-pay-later startup tabby to support its growth, Reuters reported.
Saudi-based venture fund STV, Raed Ventures, and Global Founders Capital have also invested in the Series "A" funding round.
The funding will enable the fintech startup to expand its products and engineering capabilities and boost its lending capacity.
Established in 2019, the startup enters into partnerships with retailers to enable their customers to delay payment for their purchases for up to 30 days or to pay in four equal monthly installments.
Tabby's services are provided across over 500 merchants, including brands such as IKEA and Toys R Us and regional retail giants such as Al Futtaim Group.
