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Latham Advises Sequoia Capital on Tabby’s US$58 Million Financing

January 18, 2023
The transaction brings Tabby’s valuation to US$660 million, and represents PayPal Ventures’ first investment in the Gulf Cooperation Council.

Latham & Watkins has advised Sequoia Capital as lead investor on Tabby’s US$58 million funding round, valuing the Dubai-based buy now, pay later startup at US$660 million.

The round was co-led by STV, with participation from PayPal Ventures, the global corporate venture arm of PayPal, which marks its first investment in the Gulf Cooperation Council (GCC), as well as Mubadala, Arbor Ventures, and Endeavor Catalyst.

The funding will be used to expand Tabby’s product line and support the company’s growing operations that now include Egypt. The fintech has raised more than US$410 million in equity and debt since its 2019 launch.

The Latham team was led by Dubai partner Eyad Latif and counsel Omar Maayeh, with associates Stephanie Dang and Rehab Abdelwaheb. Advice was also provided on IP matters by Dubai partner Brian Meenagh.