UAE’s Tabby expands to Egypt
- UAE-based fintech Tabby has expanded to Egypt, announcing partnerships with several retailers to offer shoppers the chance to pay for their purchases in instalments in the North African country.
- Founded in 2019 by Hosam Arab, Tabby offers users a buy now pay later (BNPL) facility for shopping online and offline.
- Tabby has secured $275 million in funding to date, most recently raising $150 million in debt financing from Atalaya Capital Management and Partners for Growth (PFG) in August this year.
- Tabby is a Wamda portfolio company.
Tabby, the Middle East’s leading payments and shopping app, announced its launch in Egypt, enabling shoppers to pay over time without any interest or fees. Tabby works with multiple brands including Lacoste, L'azurde, Faces, In Your Shoe, KAI Collections, Ariika, Marcqa, Dresscode and Floward, among others, to offer flexible payments at checkout, creating an opportunity for Egyptians to stay in control of their spending and make the most out of their money.
Tabby currently ranks among the top 10 shopping apps in the Middle East with more than two million active shoppers. With Tabby’s “Split in 4” product, shoppers will be able to split their purchases into four interest-free payments at store checkouts, both online and offline. The Tabby app lets customers discover where they can split their payments and track their spending. Tabby also helps drive high-intent traffic to thousands of its retail partners.
Ahmed Khalil, Tabby Egypt’s GM, said, “Expanding in Egypt is a proud moment for us at Tabby. We’re excited to provide Egyptians with flexible and honest payment experiences with no interest and no fees. We’re also delighted to be a growth partner for our retail partners by helping them tap into millions of active shoppers”. Khalil added, “After securing $275 million in funding from leading global and regional investors, we’re looking forward to becoming Egypt’s preferred BNPL services provider.”
Tabby’s launch in Egypt is an expansion of the growing maturity of the fintech landscape in the region and the rise of e-commerce in Egypt. The app is building financial products designed to create financial freedom in the way people shop, earn and save by reshaping their relationship with money. Built on trust, not interest, the app enables commerce while encouraging responsible spending by empowering its shoppers with more purchasing power.
Since its launch in 2019, the company has been committed to helping its customers navigate the complex relationship with money by crafting honest products and stories built to champion their financial goals and help them create a relationship with money they can be proud of.