\nCAIRO:\u00a0The UAE\u2019s leading fintech startup Tabby raised $58 million in a series C funding round from international investors valuing the company at $660 million.<\/p>\n
\nEstablished in 2019, Tabby provides users with buy now, pay later options to facilitate a financially friendly shopping experience online and offline.<\/p>\n
\nIn an exclusive interview with Arab News, Hosam Arab, CEO and founder of Tabby, said that the company will utilize its funding to grow its product offering and expand current products into new markets.<\/p>\n
\n\u201cWe\u2019re looking to expand our Tabby Card offering to other operating markets outside of the UAE. We\u2019re also building toward consumer financial products to help people do more with their money,\u201d he said.<\/p>\n
\nThe Tabby virtual card is a Visa card that allows shoppers to split their purchases into four payments at select in-store locations.<\/p>\n \nTabby managed to issue over 150,000 cards in six months with in-stores currently contributing 10 percent of total sales.<\/p>\n \nThe company\u2019s virtual card will apparently be launched soon in Saudi Arabia as 85 percent of its sales volume is happening in the Kingdom.<\/p>\n \nIn September 2022, Abdulaziz Saja, general manager of Tabby Saudi Arabia, told Arab News that the company was planning to launch the virtual card in the Kingdom after witnessing the product\u2019s success in the UAE.<\/p>\n \n\u201cTabby will continue to lead the generational shift towards fair and transparent financial products in the Middle East and North Africa region with every new product matching customer needs,\u201d Arab stated.<\/p>\n \nThe company works with over 10,000 brands including nine out of the 10 largest retail groups in the MENA region. It recently launched its services with noon, one of the region\u2019s largest e-commerce marketplaces.<\/p>\n \nThe funding round saw participation from Sequoia Capital India, STV, Mubadala Investment Capital, Arbor Ventures, Endeavor Catalyst, and PayPal Ventures as its first investment in the Gulf Cooperation Council region.<\/p>\n \n\u2022 Tabby virtual card is a Visa card that allows shoppers to split their purchases into four payments at select in-store locations.<\/strong><\/p>\n \n\u2022 Tabby managed to issue over 150,000 cards in six months with in-stores currently contributing 10 percent of total sales.<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n \n\u201cWe\u2019re excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers in a region that\u2019s ripe for change,\u201d Arab stated.<\/p>\n \nThe company operates in the UAE, Saudi Arabia, Kuwait and recently expanded to Egypt with plans to expand further and cover the rest of the GCC region.<\/p>\n \nLast year, Tabby managed to attract more than 3 million active shoppers on its platform and grew its revenue by five times over the previous year.<\/p>\n \nOne Moto secures $150m to fuel UK expansion<\/strong><\/p>\n \nThe UAE\u2019s electric mobility startup and last-mile delivery service provider One Moto secured $150 million from an undisclosed investor in the UK to scale operations into the country.<\/p>\n \nFounded in 2019, the company aims to become a one-stop platform for electric vehicles aimed at last-mile deliveries with presence in China, Sri Lanka, Ethiopia and Nepal.<\/p>\n \n\u201cWith the support of the finance deal, we expect to deploy up to 30,000 vehicles across the UK in H1 2023. This harnesses our conversations with UK Trade & Investment to open the first European assembly plant,\u201d Adam Ridgawy, CEO of One Moto, said in a statement.<\/p>\n \nThe company will utilize its funding round to expand to the UK to help tackle the decarbonization challenges from last-mile delivery.<\/p>\n \nAlaan raises $4.5m for regional expansion<\/strong><\/p>\n \nThe UAE-based B2B fintech startup Alaan secured $4.5 million in a pre-series A funding round by Presight Capital and Y Combinator to fuel regional expansion.<\/p>\n \nFounded in 2020, the company offers a platform for businesses to issue physical and virtual cards to manage business expenses, transactions, subscriptions, vendor payments, government services and in-store purchases.<\/p>\n \nThe company plans to utilize its funding to grow its presence in the UAE and expand into new GCC markets in addition to enhancing its product offering.<\/p>\n \n\u201cWith the new funds, we are excited to further enhance our offering and expand our reach in new markets as we continue to help businesses improve their efficiency, productivity and employee experience through Alaan,\u201d said Parthi Duraisamy, CEO and co-founder of Alaan.<\/p>\n \nThe company, which currently has over 100 businesses in the UAE benefiting more than 5,000 employees, averaged a monthly growth of 500 percent in 2022.<\/p>\n \nMetaverse startup Numi secures $20m in funding\u00a0 \u00a0<\/strong><\/p>\n \nThe UAE metaverse startup Numi raised $20 million in funding from Venom Ventures Fund, a $1 billion venture capital fund targeting blockchain and Web3 projects.<\/p>\n \nFounded in 2021, Numi aims to build a global entertainment ecosystem of virtual reality users, influencers and creators.<\/p>\n \nThe company plans to release a minigame experience with a variety of special rewards named Visual Novel in 2023. Venom became the first blockchain to fall under the jurisdiction of a regulatory body after it obtained a formal license to issue utility tokens from the Abu Dhabi Global Market.<\/p>\n \nFlyby closes a\u00a0$1m seed round<\/strong><\/p>\n \nEmirati last-mile startup Flyby raised $1 million in a seed funding round led by Silicon Valley\u2019s FHS Capital and London\u2019s VN2 Capital.<\/p>\n \nFounded in 2022, the company provides clients with smart delivery boxes infused with tracking and road safety technology in addition to digital ad spaces.<\/p>\n \nThe company will utilize its funding to deploy a fleet of Flyby smart boxes in Dubai along with scaling and developing its technological aspect.<\/p>\n \nFlyby\u2019s smart delivery box contains a series of embedded sensors, with live telemetry data including GPS position, speed, acceleration and tilt allowing the measuring and monitoring of driver behavior.<\/p>\n\nHIGH<\/span>LIGHTS<\/h4>\n<\/p>\n
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