Walkers acted as Cayman Islands counsel to Tabby on its US$200 million series D equity financing at a valuation of US$1.5 billion, making it the MENA region's first fintech unicorn ahead of its planned IPO in Saudi Arabia.
Founded in 2019 in the UAE, Tabby is a buy now pay later (BNPL) fintech with over US$6 billion in annualised transaction volume. The company has 10 million users and works with over 30,000 brands, including 10 of the largest retail groups in the MENA region.
The series D round was led by Wellington Management with additional participation from growth equity investor Bluepool Capital, in addition to existing investors STV, Mubadala Investment Capital, PayPal Ventures, and Arbor Ventures. Tabby had raised US$58 million in a series C round from Sequoia Capital India, STV and PayPal Ventures, among others, at a valuation of US$660 million in January 2023. It raised US$50 million in a series B round in July 2021, followed by an additional US$54 million in an extended round led by Sequoia Capital India and STV in March 2022. In 2020, Tabby raised US$23 million in its series A round led by Arbor Ventures and Mubadala.
The team was led by Daniel Wood and Reghard Smith.