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November 27, 2023

King & Spalding advises STV on its Series D investment in Tabby

King & Spalding has advised STV to complete its Series D investment in Tabby, the leading buy now, pay later (BNPL) platform in the Middle East at a valuation of $1.5 billion, making it the region’s first fintech unicorn ahead of its planned IPO in Saudi Arabia. The round was led by Wellington Management and raised $200,000,000. Other investors in the round included growth equity investor Bluepool Capital, in addition to existing investors Mubadala Investment Capital, PayPal Ventures, and Arbor Ventures. Tabby is a UAE-based BNPL platform that lets users shop, pay later and earn cash from over 3,000 global brands, including Adidas, IKEA and Bloomingdale’s. Tabby is headquartered in Dubai and currently operates in the UAE, Saudi Arabia, Egypt and Kuwait. The financing fortifies Tabby’s balance sheet to serve the accelerating demand for its flagship BNPL offering, which now manages over $6 billion in annualised transaction volume. The fundraiser will be used to continue shaping Tabby’s best-in-class finance and shopping products for consumers and retailers. Previously, STV participated in the Series C round which took place earlier this year, co-led the Series B round with Global Founders Capital in 2021 and co-led the Series B extension round with Sequoia in 2022. Other earlier investors in Tabby include leading regional and international VC investors and sovereign entities (including several K&S clients), including Rocket Internet, Delivery Hero, Global Ventures, MSA, AbdulLatif Jameel (JIMCO) and HOF Capital. STV is a US$800 million technology venture capital fund headquartered in Saudi Arabia. Launched in 2018, STV is the largest independent technology investment firm in MENA. With $800 million in capital, STV backs and scales some of the MENA region’s most exciting and disruptive technology companies. The King & Spalding team advising STV included James Stull and Macky O’Sullivan.