Riyadh – Sharikat Mubasher: Tabby, the MENA’s leading shopping and financial services app, has secured up to $700 million in receivables securitization from J.P. Morgan. The deal represents the largest asset-backed facility obtained by a fintech company in the MENA region.

According to Tabby’s recent statement, the company has extended its Series D financing to close $250 million with participation from Hassana Investment Company. The Series D was also joined by US-based Soros Capital Management and KSA-based Saudi Venture Capital (SVC).

Further, the financing bolsters Tabby’s balance sheet amidst increasing demand for its core buy now, pay later platform and enables more capital to continue expanding Tabby’s financial services and shopping products for its 10 million consumers and 30,000 retailers.

Hosam Arab, CEO and Co-Founder of Tabby, commented: “Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets. We’re incredibly proud of our collaboration with J.P. Morgan, Hassana, Soros and SVC. Their teams’ confidence in our vision and capabilities underscores Tabby’s pivotal role in reshaping personal finance and shopping in MENA.”

For his part, George Deves, Co-Head of Northern European ABS at J.P. Morgan, said: “We are pleased to be collaborating with Tabby on this new transaction. A vibrant and growing consumer lending sector is vital for the local economy and we are pleased to work with Tabby on this strategic initiative to support retail credit throughout the Middle East.”

It is worth mentioning that the recent Series D funding round, coupled with the $700 million asset-backed securitization, will support Tabby in amplifying its reach and impact.

Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, stated: “Tabby is poised for accelerated growth, further market penetration, and continued innovation. The company remains focused on delivering exceptional value to both consumers and merchants while maintaining its commitment to transparency, affordability, and responsible lending practices.”