{"id":581766,"date":"2023-02-23T00:00:00","date_gmt":"2023-02-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/tabby-puts-egypt-business-on-ice-on-economy-woes-big-bosta-news\/"},"modified":"2023-02-23T00:00:00","modified_gmt":"2023-02-23T00:00:00","slug":"tabby-puts-egypt-business-on-ice-on-economy-woes-big-bosta-news","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/tabby-puts-egypt-business-on-ice-on-economy-woes-big-bosta-news\/","title":{"rendered":"Tabby puts Egypt business on ice on economy woes + Big Bosta news"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Tabby suspends Egypt operations: <\/span><span style=\"\">Emirati buy now, pay later firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tabby.ai\/en-EG\/business\" style=\"\">Tabby<\/a><\/span><span style=\"\"> is putting its <\/span><span>operations in Egypt on hiatus only six months after entering the country, company representatives confirmed to Enterprise. The news was first reported by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thenationalnews.com\/business\/start-ups\/2023\/02\/22\/uae-based-tabby-suspends-operations-in-egypt\/\" style=\"\">th<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thenationalnews.com\/business\/start-ups\/2023\/02\/22\/uae-based-tabby-suspends-operations-in-egypt\/\" style=\"\">e National<\/a><\/span><span>, which picked up a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/Tabby_email.jpg\" style=\"\">leake<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/Tabby_email.jpg\" style=\"\">d ema<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/Tabby_email.jpg\" style=\"\">il<\/a><\/span><span> <\/span><span>the startup sent to Egyptian merchants. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">No staff cutbacks: <\/span><span style=\"\">\u201cThere are no layoffs in our Egypt office. Our Egypt team will continue to support operations in other core markets. We'll continue to expand hiring in the Egypt market,\u201d<\/span><span style=\"\"> company co-founder and CEO Hosam Arab told Enterprise. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The rationale? A tough economy:<\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">\u201cRecent macroeconomic developments have made our operating model challenging while maintaining our principles of interest-free payments,\u201d the leaked email read.<\/span><span style=\"\"> <\/span><span style=\"\">The fallout from the war in Ukraine and rising interest rates has tipped the Egyptian economy into crisis over the past year, causing the EGP to lose almost half its value against the greenback and sending inflation to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/12\/food-prices-hit-record-high-on-january-devaluation-96498\/\" style=\"\">highest rate in five years<\/a><\/span><span style=\"\">.<\/span><span style=\"\"> \u201cWe must prioritize projects that align with our long-term goals in core markets, and as a result, we have decided to pause our commercial operations in the Egyptian market,\u201d Tabby said in an emailed statement.<\/span><span style=\"font-weight:400;\"> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This may not be goodbye forever: <\/span><span style=\"font-weight:400;\">\u201cWe remain optimistic about the future of the Egyptian market and will continue to assess opportunities to re-engage in the future,\u201d Tabby said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Tabby customers have one month to find alternatives: <\/span><span style=\"font-weight:400;\">Local customers will no longer be able to make new payments through Tabby as of 23 March, according to the email. The company has requested that its partner sellers remove any Tabby branding from their shops, apps, and websites by that date. \u201cWe understand if you prefer to switch Tabby off before 23 March,\u201d the company told merchants. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- <\/span><span>Tabby, which offers zero-interest, zero-fee BNPL services, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/08\/endure-capital-reaches-first-close-on-fund-uaes-tabby-lands-in-egypt-and-egyptian-ish-crypto-unicorn-80703\/\" style=\"\">entered our market<\/a><\/span><span> in September after securing USD 275 mn from global and regional investors. Egypt was the company\u2019s fourth market after the <\/span><span>UAE, Saudi Arabia, Bahrain, and Kuwait.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IN CONTEXT- The economic turmoil of the past 12 months has been a boon for others in <\/span><span style=\"font-weight:700\">the BNPL industry:<\/span><span> <\/span><span>Surging <\/span><span>inflation is forcing more Egyptians than ever to rely on installment services to meet their needs, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/egyptians-lean-instalment-payments-cope-with-inflation-2023-02-22\/#:~:text=Egyptians%20are%20increasingly%20relying%20on,and%20industry%20leaders%20told%20Reuters.\" style=\"\">Reuters<\/a><\/span><span>. <\/span><span>Homegrown BNPL platform Sympl saw a 50% <\/span><span style=\"font-weight:400;\">m-o-m increase in new clients in January and existing customers are turning to the company more regularly to fund purchases, co-founder Yasmine Henna told the newswire.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ALSO IN STARTUP WATCH- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Big news for Bosta:<\/span><span style=\"\"> Logistics industry leader and ex-DHL Express Global CEO<\/span><span style=\"\"> Ken <\/span><span>Allen (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/simplykenallen\/\" style=\"\">LinkedIn<\/a><\/span><span>)<\/span><span> has joined Egyptian courier startup Bosta as an investor and board member, the firm said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/KenAllen-Bosta.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span> yesterday<\/span><span style=\"font-weight:400;\">. Allen spent 37 years at the German logistics giant, serving as its global CEO for a decade and heading up its e-commerce arm for three years. \u201cAllen\u2019s leadership and experience in the logistics industry will be invaluable as we continue to expand Bosta's footprint beyond Egypt and into new international markets,\u201d said Bosta CEO and co-founder Mohamed Ezzat. The company did not disclose the size of Allen\u2019s investment. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt team will continue to support operations in other core markets<\/p>\n","protected":false},"author":1,"featured_media":581767,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[1344,3663,104,72,183,145,595,95],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-bosta","tag-dhl","tag-economy","tag-enterpriseam","tag-fintech","tag-logistics","tag-non-banking-financial-services","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"4691b288-a10e-40d1-be2e-c6a43457c742","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/Tabby-1600.jpg","photo_position":"below","homepage_title":"Tabby puts Egypt business on ice on economy woes","full_issue_title":"","related_issue":[581751],"teaser":"Egypt team will continue to support operations in other core markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tabby puts Egypt business on ice on economy woes + Big Bosta news - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/tabby-puts-egypt-business-on-ice-on-economy-woes-big-bosta-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tabby puts Egypt business on ice on economy woes + Big Bosta news\" \/>\n<meta property=\"og:description\" content=\"Egypt team will continue to 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