Chimera, an Abu Dhabi-based private investment firm, has announced today that it has supported UAE’s BNPL platform Tabby through its latest $50 million debt financing.
The investment seeks to support Tabby’s expansion plans across GCC markets.
This move also reflects the firm’s focus on supporting growth for tech-driven businesses via credit solutions, whilst leveraging the firm’s venture capital platform.
CEO and co-founder of Tabby, Hosam Arab, said: “With Chimera, we’re proud to have the support of institutional debt capital from the region and be in a company with like-minded partners, collectively dedicated to empowering millions of people in the Middle East with greater financial freedom.”
Start-up Tabby serves around four million active and collaborates with more than 15,000 global brands and small businesses, including H&M, Adidas, IKEA, SHEIN and noon.
The business is active in the UAE, Saudi Arabia and Kuwait, and is valued at $660 million in its latest round of funding from Sequoia Capital India.
Head of credit strategies at Chimera Abu Dhabi, Naush Malik, said: “Chimera recognises the need to support innovative businesses throughout the growth curve and help them scale with innovative financing solutions.
“Tabby has backed up its vision by achieving strong product-market-fit and impressive execution capability, and we are delighted to support them as they continue their journey to empower regional consumers with access to much-needed financial solutions.”
Last week, Majid Al Futtaim onboarded Tabby to integrate the convenient BNPL model into an omnichannel ecosystem by offering interest-free credit over short-term instalment plans.
At the end of May, the platform closed a new financing round resulting in upsizing its debt facility to $350 million.
Chairman of Chimera Abu Dhabi, Syed Basar Shueb, said: “With a steadfast commitment to delivering strong returns and investing in high-potential ventures, Chimera remains at the forefront of the innovative and dynamic fintech space across the region.
“The Tabby commitment is fully aligned with our mission to support change in the region’s financial landscape and paves the way for more value accretive credit investment moving forward.”
