Arbor-backed buy now, pay later (BNPL) fintech Tabby has secured $200 million in its Series D funding round led by Wellington Management, more than doubling its valuation to $1.5 billion.
The equity funding round also saw participation from Bluepool Capital, and existing investors STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures.
Following the fresh fundraise, Tabby claims it has become the region’s first fintech unicorn, ahead of its planned initial public offering (IPO) in Saudi Arabia, where it is now headquartered. The fintech firm last raised $58 million in the beginning of this year as part of its Series C, and was then valued at $660 million.
“We’ve seen pretty incredible growth over the last year. And with that, we saw a lot of inbound interest from investors that I think always saw value in the BNPL model,” Tabby’s co-founder and CEO, Hosam Arab, tells TechCrunch.
“Despite seeing the challenges with the model in other markets, there was that interest in understanding why this market is different and why we’ve grown profitably.”
Alongside claims of being profitable, Tabby says it currently has 10 million users and works with more than 30,000 brands, including 10 of the largest retail groups in the Middle East and North Africa (MENA) region.
With the fresh capital, which brings Tabby’s total equity and debt funding raised to date to over $950 million, it plans to meet “accelerating demand” for its BNPL product, in addition to developing its product offerings.