This brand new funding comes after the seed funding round that was conducted in November. This platform allows users to buy products online with the help of their email addresses and mobile number. Customers can easily check out without the need to enter the details of their credit or debit card. They have the choice to pay within the 14 days of making the purchase. The platform also provides a user-friendly payment option, where the user can agree to pay interest-free installments over the time of 3 months.

In case, the user misses any installment, a late fee is charged 15 days after the product is being delivered. The fee then doubles after every two weeks till the overdue payment is fully settled. But at the third late fee, it is capped. The reason for this particular funding is the sudden boost in online shopping because of the pandemic. As global lockdown is imposed on almost the entire world to confine the community spread, such businesses are booming at another level. They allow users to operate from home. But there is no doubt in the fact that personal finances and businesses are fragile.

According to the Co-Founder and CEO of Tabby, the company presents great joy in exiting the ‘best-in-market solution’ to Saudi Arabia, especially during the time when users and merchants will lack in cash. This is a great advantage for e-commerce retailers. The initiated funding is expected to provide the merchant partners with more security and assurance. The platform is now sufficiently capitalized in order to support their sales.

Retailers that are inclined on active ways have witnessed a decline in sales ever since the world started its battle against the deadly coronavirus. It is expected that this situation will become the new normal, as Dubai Future Foundation has also asked the retailers to opt for digital e-commerce solutions. Mr. Arab, the Co-Founder, and Chief executive of a leading online site Namshi introduced Tabby in 2019, and it became popular in February. The seed round led by Arbor Ventures, Wamda Capital, Global Founders Capital was basically used for the following reasons.

 

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