Allen & Overy advises JP Morgan on landmark fintech securitisation in the Middle East

Allen & Overy (A&O) has advised JP Morgan, as arranger and senior lender, on the establishment of an up to USD 700 million receivables securitisation for Tabby, a leading shopping and financial services app in the Middle East.

The facility is the largest asset-backed facility secured by a fintech company in the region and demonstrates A&O’s market-leading expertise in securitisation and fintech transactions.

The financing will enable Tabby to strengthen its balance sheet and capitalise on the growing demand for its core buy now, pay later platform, which allows consumers to pay for their purchases in instalments without interest or fees. The facility will also support Tabby’s expansion of its financial services and shopping products for its 10 million consumers and 30,000 retailers across the UAE, Saudi Arabia, Kuwait, and Bahrain.

The transaction was led by banking partner Anthony Traboulsi (Dubai) and head of the global securitisation group Salim Nathoo (London), who were supported by senior associates Afsha Karim (Dubai) and Anthony Mrad (Dubai), consultant Sahar Kianfar (London), associates Nadeen Haddadin (Dubai), Burak Ozsoy (Dubai), and Nella Gatumo (London). Paul Allen (partner, London) and Raman Kamboh (senior associate, London) assisted on swap matters.