{"id":23387,"date":"2023-06-26T14:18:11","date_gmt":"2023-06-26T14:18:11","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=23387"},"modified":"2023-06-26T14:22:22","modified_gmt":"2023-06-26T14:22:22","slug":"chimera-abu-dhabi-and-tabby","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/06\/26\/chimera-abu-dhabi-and-tabby\/","title":{"rendered":"Chimera supports Tabby with $50 million debt financing"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\"><a href=\"https:\/\/chimerainvestment.com\/Website\/en\/about-us.html\" target=\"_blank\" rel=\"noopener\">Chimera<\/a>, an Abu Dhabi-based private investment firm, has announced today that it has supported UAE&#8217;s BNPL platform <a href=\"https:\/\/www.meretailnews.com\/2023\/06\/20\/majid-al-futtaim-and-tabby\/\">Tabby<\/a> through its latest $50 million debt financing.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The investment seeks to support Tabby\u2019s expansion plans across GCC markets.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This move also reflects the firm&#8217;s focus on supporting growth for tech-driven businesses via credit solutions, whilst leveraging the firm\u2019s venture capital platform.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CEO and co-founder of Tabby, Hosam Arab, said: \u201cWith Chimera, we\u2019re 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.\u201d\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Start-up Tabby serves around four million active and collaborates with more than 15,000 global brands and small businesses, including H&amp;M, Adidas, IKEA, SHEIN and noon.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Head of credit strategies at Chimera Abu Dhabi, Naush Malik, said: \u201cChimera recognises the need to support innovative businesses throughout the growth curve and help them scale with innovative financing solutions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">&#8220;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.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last week, Majid Al Futtaim onboarded\u00a0<\/span><span data-preserver-spaces=\"true\">Tabby<\/span><span data-preserver-spaces=\"true\">\u00a0to integrate the convenient BNPL model into an omnichannel ecosystem by offering interest-free credit over short-term instalment plans.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the end of May, the platform closed a new financing round resulting in upsizing its debt facility to $350 million.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Chairman of Chimera Abu Dhabi, Syed Basar Shueb, said: \u201cWith 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.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">&#8220;The Tabby commitment is fully aligned with our mission to support change in the region\u2019s financial landscape and paves the way for more value accretive credit investment moving forward.\u201d<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UAE investment firm Chimera has supported BNPL platform Tabby with $350 million debt financing.<\/p>\n","protected":false},"author":40,"featured_media":17575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1],"tags":[2791,4900,4166,3966],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23387"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=23387"}],"version-history":[{"count":5,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23387\/revisions"}],"predecessor-version":[{"id":23392,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23387\/revisions\/23392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/17575"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=23387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=23387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=23387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}