Saturday, March 2, 2024
News FlashIslamic fintech unicorn Tabby secures US$700 million from JPMorgan

Islamic fintech unicorn Tabby secures US$700 million from JPMorgan

Buy Now Pay Later (BNPL) platform Tabby has secured US$700 million in debt financing from JPMorgan and extended its Series D financing to US$250 million at a US$1.5 billion valuation with participation from Hassana Investment Company, Soros Capital Management and Saudi Venture Capital Investment Company.

“The deal represents the largest asset-backed facility obtained by a fintech company in the MENA region,” the firm said in an official LinkedIn post.

Tabby became the industry’s first Islamic fintech unicorn in November 2023 when it closed its US$200 million Series D funding round.

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