Latham & Watkins: Tabby’s Debt Financing and Series D Extension
International law firm Latham & Watkins has provided legal counsel to Tabby, a prominent shopping and financial services app in the Middle East, in securing a substantial US$700 million in receivables securitization from J.P. Morgan. This groundbreaking deal marks the largest asset-backed facility ever obtained by a fintech company in the MENA region.
Simultaneously, Latham & Watkins advised Tabby on extending its Series D financing, successfully closing at US$250 million. The extended Series D round saw participation from Hassana Investment Company, along with contributions from US-based Soros Capital Management and 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 Thomas Cochran (pictured right), 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 (picture left), with associate Stephanie Dang.
