Najm Capital

Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting

K. Al Rashidi · Director

Tabby

On thesis

BNPL & Consumer Fintech·Financial Services Disruption·Growth Equity·Invested 2024·5% stake

Position

Mark1.42x

Gross IRR28%

Invested$75M

LatestNo recent touchpoints recorded.

Next board:2026-05-08

Ownership + team

5% stake · 1 board seat1.0x liquidation preference

MENA BNPL leader · 1.42x mark · 14M+ shoppers across UAE/KSA/Egypt · profitable Q4 2025 · banking license pursuit underway

Ask about Tabby · pulls from SharePoint memos + Snowflake fund DB + firm memory

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Financial profileLatest as of 2026-03-31

GMV (LTM)$7.5BUp 64% YoY · 30K merchants

Active shoppers14.2MUAE · KSA · Egypt · Kuwait

MOIC1.42x$1.5B entry → $2.13B mark

Net take rate4.2%Stable · post-rebate

Three-way benchmark

GMVmeasured in $B

Actual

Thesis target

VCP plan

Peer median

Performance update

Q1 2026 mark $2.13B · 1.42x on $75M invested · profitability hit Q4 2025 ahead of plan

SAMA banking license filing accepted Q1 · regulatory review 12–18 months expected

Egypt expansion live since Q4 2025 · 1.2M shoppers acquired in 4 months

Loss rates 1.6% across cohorts · holding through UAE rate cycle