Tabby, a buy-now-pay-later (BNPL) startup based in the UAE, has secured an investment of $58m in its Series C round.

A number of firms including Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst joined the round, which valued the firm at $660m.

Tabby plans to use the fresh infusion to develop new products such as modern consumer financial services and augment its business activities.

Tabby CEO and co-founder Hosam Arab said: “With rising interest rates and growing inflation, it has never been more important for people to have access to payment flexibility to stay in control of their finances.

“Despite downward pressure on fintech valuations, our business continues to sustainably scale as we lead the generational shift towards fair and transparent financial products in MENA.”

Arab added: “We’re excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers in a region that’s ripe for change.”

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Currently, Tabby is said to have partnerships with more than 10,000 brands, including various retail firms.

In September last year, the firm foryaed into Egyptian market to offer interest-free, flexible payment offering.

Earlier this month, Tabby formed a collaboration with Saudi Arabian delivery super app ToYou to provide BNPL tools in the country.