Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Company (Cenomi Retail) has entered into a long-term strategic partnership with MENA’s leading shopping and financial services app Tabby to provide seamless payment solutions.
The collaboration marks the first of its kind between a BNPL player and an omnichannel retailer in Saudi Arabia, according to a press release.
Meanwhile, Tabby customers can split their payments into four with no additional fees when shopping from 10 of Cenomi Retail’s brands online, including Decathlon, FNAC, and Alo Yoga.
Gunther Helm, CEO of Cenomi Retail, commented: “The BNPL innovation has shown to increase average order value by over 30% and helps promote customer loyalty, with industry averages suggesting a repeat purchase rate of more than 40%.”
“The BNPL market in Saudi Arabia is expected to see double-digit growth in the coming years. With Tabby being a leader in its field, Cenomi can offer consumers access to a strong, seamless platform that provides them greater choice and smarter financial management,” Helm added.
Hosam Arab, CEO and Co-Founder at Tabby, said: “Now millions of Tabby and Cenomi customers can pay over time without worrying about additional fees whether they’re looking for a new phone or upgrading their wardrobes.”
In the first half (H1) of 2023, Cenomi Retail shifted to net profits after Zakat and tax valued at SAR 113.80 million, compared to net losses worth SAR 1.70 million in H1-22.
Earlier in January, Tabby secured $58 million in a Series C funding round led by Mubadala Investment Capital, and Sequoia Capital India, among others.