UAE-based fintech start-up, Tabby has partnered with retail conglomerate Apparel Group to offer its solution across the retailer’s entire online portfolio – including 6thStreet, Tommy Hilfiger and Aldo.
Launched in 2019 by Hosam Arab with an initial $2 million in seed funding, Tabby’s mission is to empower consumers to easily buy what they want, when they want, while remaining in control of their finances. Tabby helps retailers across the UAE and KSA boost their sales by offering their customers flexible payment solutions.
As a result of COVID-19, e-commerce in the GCC is growing rapidly and consumers are shopping more online. Coupled with the likely negative financial impact on businesses and consumers in the months to come, Tabby offers a timely and much needed financial product to help customers better manage their spending by splitting their purchases into multiple instalments, while still shopping at their favourite retail stores.
Tabby’s Pay Later option offers an alternative to cash on delivery (COD) by allowing customers to purchase products online using only their mobile phone number and e-mail address and requires no pre-registration or use of credit card. Tabby’s Pay in Installments option gives customers the flexibility to pay for their purchases in multiple, interest-free instalments without requiring a credit card.
“Given the prevalence of COD in our market and the complexity it presents to our operations, we were keen to partner with Tabby to provide our customers with a simple alternative to COD that takes the hassle out of the process yet keeps our customers happy,” said Dharmin Ved, CEO, 6th Street.
Further, Tabby has also raised $7 million to fund its growth and launch its offering in Saudi Arabia. The funding round was led by Raed Ventures with participation from MSA Capital and existing investor Arbor Ventures.
In this context, Arab stated, “We are very pleased to bring our best-in-market solution to Saudi Arabia at a time when consumers and merchants alike will be strapped for cash. This funding will give our merchant partners further security and assurance that we are sufficiently capitalised to support their sales.”
“Hosam and his team have built an impressive product that structurally solves key friction points in a transaction for both consumers and merchants, which is especially relevant given the current pandemic. We’re very excited to partner with Tabby, and support its timely launch in Saudi Arabia,” added Saed Nashef, founding partner, Raed Ventures.
Tabby has also partnered with over 20 regional e-commerce retailers including Abdul Samad Al Qurashi and Golden Scent.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
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