Tabby Expands Financial Footprint with $700 Million Securitization

Tabby Expands Financial Footprint with $700 Million Securitization

By Press Release, 22 December 2023

Tabby, the MENA’s leading shopping and financial services app, has secured up to $700 million in receivables securitisation from J.P. Morgan.

The deal represents the largest asset-backed facility obtained by a fintech company in the MENA region.

In parallel to the securitization financing, Tabby has extended its Series D financing to close $250 million with participation from Hassana Investment Company.

The Series D was also joined by US-based Soros Capital Management and KSA-based Saudi Venture Capital (SVC).

Read More: Tabby Raises $200 Million in Funding, Propels Fintech Unicorn Status

The financing bolsters Tabby’s balance sheet amidst increasing demand for its core buy now, pay later platform and enables more capital to continue expanding Tabby’s financial services and shopping products for its 10 million consumers and 30,000 retailers.

Hosam Arab, CEO and Co-Founder of Tabby, said: “Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets. We’re incredibly proud of our collaboration with J.P. Morgan, Hassana, Soros and SVC. Their teams’ confidence in our vision and capabilities underscores Tabby’s pivotal role in reshaping personal finance and shopping in MENA.”

George Deves, Co-Head of Northern European ABS at J.P. Morgan, said: “We are pleased to be collaborating with Tabby on this new transaction. A vibrant and growing consumer lending sector is vital for the local economy and we are pleased to work with Tabby on this strategic initiative to support retail credit throughout the Middle East.”

Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, said: “The recent Series D funding round, coupled with the $700 million asset-backed securitization, will support Tabby in amplifying its reach and impact. As a committed and long-term investor, we believe in Tabby's vision to empower consumers and merchants alike and reshape the future of financial services in Saudi Arabia and the wider MENA region. Tabby is poised for accelerated growth, further market penetration, and continued innovation. The company remains focused on delivering exceptional value to both consumers and merchants while maintaining its commitment to transparency, affordability, and responsible lending practices.”

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