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BNPL startup Tabby valued at $660 million

Illustration of a plastic "thank you bag" that instead reads "IOU" repeated

Illustration: Sarah Grillo/Axios

Tabby, a BNPL company focused on the Middle East and North Africa, announced it has raised $58 million in Series C funding valuing it at $660 million.

Why it matters: MENA-based BNPL startups have dodged the funding dry spell and down-round pains that plague their fintech brethren in other parts of the world.

Background: Tabby competitor Tamara raised $100 million last summer. A smaller player, Cashew, received $10 million in May.

Details: Investors in Tabby's round included Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst.

  • Tabby says it surpassed 3 million active shoppers last year, but it did not disclose whether that was on a monthly, weekly or other time frame.
  • Based in Dubai, the company also has operations in Saudi Arabia, Egypt, and Kuwait.
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