Latham Advises Tabby on US$700 Million in Debt Financing and Extension of Its Series D Round to US$250 Million

Latham & Watkins has advised Tabby, a leading shopping and financial services app in the Middle East, on securing up to US$700 million in receivables securitization from J.P. Morgan. The deal represents the largest asset-backed facility obtained by a fintech company in the MENA region.

In parallel to the securitization financing, Latham also advised Tabby on extending its Series D financing to close US$250 million with participation from Hassana Investment Company. The Series D was also joined by US-based Soros Capital Management and KSA-based Saudi Venture Capital (SVC).

The financing bolsters Tabby’s balance sheet amidst increasing demand for its core buy now, pay later platform and enables more capital to continue expanding Tabby’s financial services and shopping products for its 10 million consumers and 30,000 retailers.

The Latham team advising on the debt financing was led by London partner Tom Cochran, with Dubai partners Eyad Latif and Christian Adams, Riyadh counsel Pete Norris, and associates Leah Morgan Parle, Jonathan Lauras, Mashal Al-Assaf, and Mustafa Darwich. The Latham team advising on the extended Series D financing was led by Dubai counsel Omar Maayeh, with associate Stephanie Dang.