The UAE’s buy-now-pay-later platform Tabby is entering Egypt, giving customers flexible deferred payment options free of charge and interest-free when shopping in-store or online.
The move comes against the background of the burgeoning fintech ecosystem in the GCC and the surge of e-commerce users in Egypt.
Tabby’s ‘Split in 4’ solution provides instant purchase options, while allowing shoppers to delay payment, splitting it into four instalments. The option is available online and offline.
Tabby Egypt’s general manager Ahmed Khalil 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”.
Today, Tabby serves more than two million shoppers across the Middle East.
Founded in 2019 as part of Wamda portfolio company, Tabby operates in Saudi Arabia, the UAE, Egypt and Kuwait, and serves more than two million customers in the Middle East.
“After securing $275 million in funding from leading global and regional investors, we’re looking forward to becoming Egypt’s preferred BNPL services provider,” said Mr Khalil.
In August, Tabby secured debt financing worth $150 million from two US-based investors, as more Gulf consumers adopt the new payment method.
More than 24 per cent of shoppers surveyed in the region say they used it last year.
According to Precedence Research, the Middle East buy-now-pay-later market size was valued at $7.18 billion last year and is expected to reach around $89.27 billion by 2030.