UAE – Mubasher: MENA’s leading shopping and financial services company Tabby raised up to $700 million in receivables securitisation from J.P. Morgan, according to a press release.

The UAE-founded app secured the deal, which represents the largest asset-backed facility obtained by a fintech company in the MENA region, ahead of its planned initial public offering (IPO) in Saudi Arabia.

Furthermore, Tabby extended its Series D financing to close $250 million with the participation of Hassana Investment Company, US-based Soros Capital Management, and Saudi Venture Capital (SVC).

The financing anchors Tabby’s balance sheet amid growing demand for its core buy now, pay later (BNPL) platform and provides more capital to widen the financial services and shopping products for its 10 million consumers and 30,000 retailers.

Hosam Arab, CEO and Co-Founder of Tabby, noted: “Securitisation 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.”

George Deves, Co-Head of Northern European ABS at J.P. Morgan, underlined: “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.”

Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment, said: “The recent Series D funding round, coupled with the $700 million asset-backed securitisation, will support Tabby in amplifying its reach and impact.”

Last September, Fawaz Abdulaziz Alhokair Company (Cenomi Retail) and Tabby partnered to offer seamless payment solutions, which marked the first collaboration between a BNPL player and an omnichannel retailer in Saudi Arabia.

In January this year, Tabby secured  $58 million in a Series C funding round at a valuation of $660 million.