Tabby Thrives as First Fintech Unicorn in the Gulf Despite Global Challenges #
Amidst a backdrop of startups facing valuation cuts and dwindling VC funds due to rising interest rates, several Western “buy now, pay later” (BNPL) services like Affirm, Afterpay, and Klarna are struggling. However, Tabby, a BNPL platform catering to the Middle East, stands out as an exception. Previously based in Dubai and now in Riyadh, Tabby recently secured $200 million in a Series D funding round, reaching a valuation of $1.5 billion. This achievement designates it as the Gulf’s inaugural fintech startup unicorn. Tabby, which partners with prominent brands and boasts over 10 million users, has demonstrated profitability in the GCC region, where BNPL is not just a convenience but a necessity. Their strategic market choices and focus on customers' financial health signify their ongoing commitment to responsible and sustainable growth.