The round saw additional participation from Mubadala Investment Company, Arbor Venture and Endeavor Catalyst
in Cairo 18 JANUARY 2023: Tappy, the leading shopping and financial services app in the Middle East, announced that it has secured funding of 58 $1 million from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Company, Arbor Ventures, and Endeavor Catalyst. This is in a Series C financing round, bringing the company’s total valuation to 150 $1 million. This investment reinforces Tabby’s position as one of the largest emerging companies in terms of market capitalization in the Middle East, in addition to being the first company in the Gulf region to receive funding from PayPal Ventures.
Hossam Arab, Co-Founder and CEO of Tabby, said: “With rising interest rates and growing inflation levels, it has become very important that we provide consumers with flexible payment solutions that put them in control of their financial affairs. Despite the decline in the market value of financial technology companies, Tabby continues to grow in a sustainable manner as the company leads a new generation of fair and highly transparent financial solutions in the Middle East and North Africa region.”
He also added: “We are pleased to continue our growth with a group of elite investors who believe in the possibility of creating a healthy relationship between consumers and their money in a region that is most ready for change.”
2023 The company works with more than 0001, Brand includes 9 of the largest 10 commercial groups in the retail sector in the Middle East, and the company recently launched its partnership with Noon, the largest e-shopping platform in the region. In the past year, the Tappy app has exceeded 3 million users, in addition to expanding its operations to Egypt, and its profits have increased five times over the past year.
GV Ravishnankar, Managing Director, Sequoia India, said: “We are delighted with Tabby’s growth to become one of the largest players in the consumer-focused financial solutions space. Tabby has a great opportunity to offer innovative solutions in the coming years that enable its users to access products and increase their purchasing power, which the team at Tabby is working to achieve by focusing on credit quality and the strength of the economy.”
2023 Ehsan Jawad, partner at STV, said: “We are delighted to strengthen our partnership with Hussam, Daniel and the rest of the team as they grow in the region. Our support for Tabby represents an opportunity to invest in the $150 billion dollar buy-now-pay-later market in the Middle East and North Africa region. The support is an opportunity for us to be part of the future of financial services in the region.”
2023 Financial technology issued over 150, 000 TABBY Card Six months after the launch of TABBY cards, it represents in-store purchases 10% of the company’s total transactions.