June 20, 2024

Mergers & Acquisitions

Tabby Signs Deal With Paymob to Improve Egypt’s Economic Growth

A partnership to fuel retailer growth. UAE-based BNPL (buy now, pay later) provider Tabby is gearing up to get into a partnership with the payments company Paymob. Most awaited for Egypt’s growth, these firms have collaborated to allow the customer of Paymob to access Tabby’s payment service. Paymob users will henceforth be able to use Tabby’s BNPL system, thereby paying in four installments by splitting them up.

The BNPL sector in Egypt is expected to surge to 133% annually and reach 434.7 million dollars in 2022, as per reports. The BNPL model allows users to instantly make online payments and provides interest-free installment options. This business strategy has boomed after the COVID pandemic. High inflation has popularized it further globally. Consumers started feeling comfortable with split payments to manage their finances better.

Tabby operates from Egypt, Saudi Arabia, and UAE, whereas Paymob is responsible for in-store and online payments using the app, point-of-sale terminals, and thirty payment methods with 1,20,00 SME merchants. Paymob will capitalize on the MENA sector’s eCommerce industry and is expected to reach 48 billion dollars in 2023.

The UAE-based Tabby company secured 150 million dollars in debt in August through financing, following the previous funding, which attracted various investors like Mubadala Investment firm. Egypt-based Paymob raised 50 million dollars via series B funding in May.

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