RIYADH: Saudi-based buy now, pay later fintech Tabby has expanded its debt facility, securing an additional $700 million from J.P. Morgan. The BNPL platform has also increased its series D funding to $250 million. This new debt financing is the largest asset-backed facility secured by a fintech company in the Middle East and North Africa region, according to a press release. Additionally, Tabby’s series D funding extension was led by Hassana Investment Co., elevating the round’s total from $200 million to $250 million. Joining the series D round were US-based Soros Capital Management and Saudi Venture Capital. Initially announced in November, this funding round valued the fintech firm at $1.5 billion, granting it unicorn status. A company is designated as a unicorn when it attains a valuation of $1 billion without being publicly listed on the stock market. “Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets,” said Hosam Arab, CEO and co-founder of Tabby. “We’re incredibly proud of our collaboration with J.P. Morgan, Hassana, Soros and SVC. Their teams’ confidence in our vision and capabilities underscores Tabby’s pivotal role in reshaping personal finance and shopping in MENA,” Arab added. Ahmed Al-Qahtani, chief investment officer for Regional Markets at Hassana Investment Co., stated that the new financing will bolster Tabby’s reach and impact. “As a committed and long-term investor, we believe in Tabby’s vision to empower consumers and merchants alike and reshape the future of financial services in Saudi Arabia and the wider MENA region. Tabby is poised for accelerated growth, further market penetration, and continued innovation,” Al-Qahtani added.