CAIRO: Tabby, the leading fintech company from the United Arab Emirates, has raised $58 million in a Series C funding round from international investors that valued the company at $660 million.
Established in 2019, Tabby offers users buy now and pay later options to facilitate an affordable online and offline shopping experience.
In an exclusive interview with Arab News, Hosam Arab, CEO and founder of Tabby, said that the company will use its funding to increase its product offering and expand current products into new markets.
“We are looking to expand our Tabby Card offering to other operating markets outside of the United Arab Emirates. We are also moving towards consumer financial products to help people do more with their money,” he said.
The Virtual Tabby Card is a Visa card that allows shoppers to split their purchases into four payments at select stores.
“We are excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers,” said Hosam Arab, CEO and founder of Tabby. (Supplied)
Tabby managed to issue more than 150,000 cards in six months and the stores currently contribute 10 percent of total sales.
The company’s virtual card is apparently set to launch in Saudi Arabia soon, as 85 percent of its sales volume is in the Kingdom.
In September 2022, Abdulaziz Saja, the general manager of Tabby Saudi Arabia, told Arab News that the company planned to launch the virtual card in the Kingdom after witnessing the success of the product in the United Arab Emirates.
“Tabby will continue to lead the generational shift toward fair and transparent financial products in the Middle East and North Africa region with each new product meeting customer needs,” Arab said.
The company works with more than 10,000 brands, including nine of the 10 largest retail groups in the MENA region. It recently launched its services with Noon, one of the largest e-commerce marketplaces in the region.
The funding round saw participation from Sequoia Capital India, STV, Mubadala Investment Capital, Arbor Ventures, Endeavor Catalyst and PayPal Ventures as their first investment in the Gulf Cooperation Council region.
HIGHLIGHTS
• The Virtual Tabby Card is a Visa card that allows shoppers to split their purchases into four payments at select stores.
• Tabby managed to issue more than 150,000 cards in six months and stores currently contribute 10 percent of total sales.
“We are excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers in a region that is ripe for change,” said Arab.
The company operates in the United Arab Emirates, Saudi Arabia, Kuwait and recently expanded into Egypt with plans to expand further and cover the rest of the GCC region.
Last year, Tabby managed to attract more than 3 million active buyers on its platform and increased its revenue five times over the previous year.
One Moto lands $150 million to fuel UK expansion
United Arab Emirates electric mobility startup and last-mile delivery service provider One Moto has secured $150 million from an undisclosed investor in the UK to scale operations in the country.
Founded in 2019, the company aims to become a comprehensive platform for electric vehicles for last-mile delivery with a presence in China, Sri Lanka, Ethiopia and Nepal.
“With the support of the financial agreement, we expect to roll out up to 30,000 vehicles across the UK in the first half of 2023. This builds on our discussions with UK Trade & Investment to open the first European assembly plant,” Adam Ridgawy, chief executive of One Moto, he said in a statement.
The company will use its funding round to expand into the UK to help address the decarbonisation challenges of last-mile delivery.
Alaan raises $4.5 million for regional expansion
United Arab Emirates-based B2B fintech startup Alaan secured $4.5 million in a pre-Series A funding round from Presight Capital and Y Combinator to fuel regional expansion.
Founded in 2020, the company provides a platform for businesses to issue physical and virtual cards to manage business spending, transactions, subscriptions, vendor payments, government services, and store purchases.
The company plans to use its funding to increase its presence in the United Arab Emirates and expand into new GCC markets, as well as enhance its product offering.
“With the new funding, we are excited to further enhance our offering and expand our reach into new markets as we continue to help companies improve their efficiency, productivity and employee experience through Alaan,” said Parthi Duraisamy, CEO and Co-Founder of Alaan. .
The company, which currently has more than 100 companies in the United Arab Emirates benefiting more than 5,000 employees, averaged 500% monthly growth in 2022.
Metaverse startup Numi gets $20 million in funding
UAE metaverse startup Numi has raised $20 million in funding from the Venom Ventures Fund, a $1 billion venture capital fund targeting blockchain and Web3 projects.
Founded in 2021, Numi aims to build a global entertainment ecosystem of VR users, influencers, and creators.
The company plans to launch a mini-game experience with a variety of special rewards called Visual Novel in 2023. Venom became the first blockchain to come under the jurisdiction of a regulatory body after obtaining a formal license to issue utility tokens from the Abu Dhabi Global Market. .
Flyby closes a $1 million seed round
Emirati last-mile startup Flyby has raised $1 million in a seed funding round led by Silicon Valley’s FHS Capital and London’s VN2 Capital.
Founded in 2022, the company offers customers smart drop boxes with tracking and road safety technology, as well as digital advertising spaces.
Flyby provides customers with smart delivery boxes with tracking technology and road safety. (Supplied)
The company will use its funding to deploy a fleet of Flyby smart boxes in Dubai, as well as scale up and develop its technology side.
Flyby’s smart delivery box contains a number of embedded sensors, with live telemetry data including GPS position, speed, acceleration and inclination, allowing driver behavior to be measured and monitored.
EV charging companies partner with the fuel industry
United Arab Emirates-based EV charging company Regeny has partnered with its California counterpart, EvGateway, to offer EV charging solutions for a growing industry.
The association is set to deploy 10,000 EV charging stations in the UAE by 2030, from AC and DC fast charging hardware to charge management technology.
The United Arab Emirates is expected to have around 42,000 electric vehicles on the roads by 2030 and is among the top 10 countries geared towards electric mobility with 44 percent of residents willing to switch to electric vehicles, according to the press release.
