Tabby押注BNPL在海湾是必需品信贷；估值15亿美元的独角兽进军银行业

做的是什么生意

Buy-now-pay-later payments at checkout for 40,000+ brands and millions of shoppers across Saudi Arabia, the UAE and Kuwait

启动资金：$2M seed in 2019; $950M+ raised in equity and debt through 2023, including a $200M Series D

起因

After exiting Namshi, Hosam Arab founded Tabby in Dubai in 2019. He saw that only about 15% of Saudis and 40% of Emiratis had credit cards, so BNPL could be the first credit product for most shoppers — and a checkout tool merchants would pay for to replace cash on delivery.

经过

Tabby scaled through a $2M seed, a $58M Series C led by Sequoia Capital India and STV, and a $200M Series D led by Wellington Management in October 2023 at a $1.5B valuation — the Gulf's first fintech unicorn, with 10M users and 30,000 brands. It moved its headquarters to Riyadh, exited Egypt, and secured a $700M J.P. Morgan securitization ahead of a planned Saudi IPO.

结果

Still scaling and broadening: in September 2024 Tabby agreed to acquire Tweeq, a SAMA-licensed Saudi digital wallet, to move beyond BNPL into spending accounts, cards and money management across the Gulf.

可借鉴之处

产品的经济性取决于市场结构：在信贷充足的地方，BNPL是亏本引流；在信贷稀缺的地方，它是必需的基础设施。只在结构使模式有利可图时进入。