UAE-founded fintech unicorn Tabby, which is now based in Saudi Arabia, has secured $700 million in debt financing from J.P. Morgan to fund its expansion.

The shopping and financial services app has also extended its Series D financing to $250 million, with participation from Hassana Investment Company, US-based Soros Capital Management and Saudi Venture Capital (SVC), it said in a statement on Thursday.

The financing from J.P. Morgan represents the largest asset-backed facility obtained by a fintech company in the Middle East and North Africa (MENA) region, the company said. It also enables Tabby to access more capital to fund its expansion.

“The recent Series D funding round, coupled with the $700 million asset-backed securitisation, will support Tabby in amplifying its reach and impact,” said Ahmed Al Qahtani, Chief Investment Officer for regional markets at Hasana Investment Company.

“Tabby is poised for accelerated growth, further market penetration and continued innovation.”

The buy now, pay later (BNPL) platform serves 10 million consumers and 30,000 retailers across the UAE, Saudi Arabia and Kuwait.

The company has recently upsized its debt facility to $350 million after closing a new financing round led by San Francisco-based Partners for Growth (PFG), along with Atalaya Capital Management and CoVenture.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com