Finovate Global MENA: Tabby attracts $200M, Finastra drives innovation in Qatar, Kuwait supports teenage financial well-being.

The startup Tabby, which is a "Buy Now, Pay Later" platform based in Riyadh, Saudi Arabia, has closed a Series D funding round of $200 million. Wellington Management took the lead in this round. With this investment, the company's valuation reached $1.5 billion, making Tabby a new fintech unicorn in the Middle East and North Africa region. The funding round also saw participation from Bluepool Capital and existing investors STV, Mubadala Investment Capital, Arbor Ventures, and PayPal Ventures. The investments came ahead of Tabby's planned IPO in Saudi Arabia.

"Our goal was to change financial services, making them fairer and more responsible, and with these investments, we will be able to advance our mission in Saudi Arabia and the UAE," said Hossam Arab, CEO and co-founder of Tabby. "We are very pleased that Wellington Management led this round, given their deep expertise in financial services."

The "Buy Now, Pay Later" platforms represent an interesting development, especially in markets where access to credit and financial products is limited. Tabby reports having 10 million users and over 30,000 brands on its platform. Among these brands are the largest retail groups in the Middle East and North Africa region. Additionally, Tabby notes a growth in its presence in physical stores, which now account for more than 20% of the company's total operations, exceeding $6 billion.

Meanwhile, 600 kilometers to the east, Qatari CQUR Bank has partnered with digital banking solutions provider Finastra. CQUR Bank will use two Finastra solutions - Trade Innovation and Corporate Channels - to create a new online bank.

Trade Innovation is a comprehensive solution for seamless trade and supply chain financing. Corporate Channels is a digital banking platform that provides CQUR Bank with a unified portal system to integrate various services for corporate clients. Among these services are trade, cash management, supply chain financing, lending, and treasury management operations.

"Corporate clients are increasingly demanding fast, digital, and connected services from their banks, which actually improves the management of their finances and opens up new growth opportunities," explained Kamal El Kuri, CEO of Finastra for the Levant and Middle East.

Formed as a result of the merger between Misys and D+H in 2017, Finastra is headquartered in the UK. More than 8,000 financial institutions, including 45 of the world's 50 largest banks, use the company's software solutions and services. The CEO of Finastra is Simon Paris.

This week, Kuwait Finance House (KFH) launched the first Sharia-compliant digital bank in Kuwait. The new institution, called Tam Digital Bank, has been recognized as an important milestone in KFH's efforts towards digital banking transformation.

"Thanks to its modern, youthful design and simple yet effective usage system, as well as innovative banking services backed by advanced technologies, we are confident that Tam will meet customer needs and exceed their expectations," said KFH CEO Abdulwahab Lessa Al Rushud. "At KFH, we take into account factors such as convenience, speed, quality, security, and innovation in line with our motto 'A Simple Banking Experience'."

To open an account with Tam, clients must be at least 15 years old. They will also need a passport and a smartphone to download the Tam app. No documents are required to start using the services, and there is no need to visit a bank branch.

The head of KFH in Kuwait, Khaled Youssef Al-Shamlan, emphasized the importance of attracting young clients. "Thanks to Tam, young people will have access to a multitude of benefits, including account opening, scholarship transfers to students, expense tracking, money transfers, as well as rewards, offers, and exclusive discounts that meet all their needs, along with 24/7 customer service," said Al-Shamlan.

Kuwait Finance House, a pioneer in Islamic finance and Sharia-compliant banking, was established in 1977 as the first Islamic bank in Kuwait. KFH is at the center of the KFH Group's banking network, which includes 430 branches, over 790 ATMs, and 8,600 employees. The range of Sharia-compliant products and services offered by KFH includes real estate, trade financing, and investments, as well as corporate, retail, and investment banking. In addition to Kuwait, KFH operates in Bahrain, Saudi Arabia, the UAE, Turkey, Malaysia, and Australia.

This is the situation in the field of fintech innovations around the world.