Tabby, the buy now pay later (BNPL) platform has announced the successful closing of a new financial round resulting in the upsize of its debt facility to $350 million, an increase of up to two times. The debt financing round involved key global credit investors.
The credit facility upsize reflects the company’s growth with over four million active customers and 15,000 partnered businesses, including the top 10 largest retail groups in the region.
Tabby solidifies position as BNPL leader
Hosam Arab, CEO and Co-Founder said, “We are thrilled to partner with exceptional investors Atalaya, CoVenture and PFG to continue supporting Tabby’s growth and redefining what people can do with their money.”
Justin Burns, Managing Director at Atalaya Capital Management said, “We are excited to continue to partner with Hosam and the rest of Tabby’s exceptional team in their mission to create financial freedom for consumers in the region. Tabby’s ability to deliver robust topline growth while simultaneously improving economics is a rare accomplishment.”
Armineh Baghoomian, Managing Director and Head of EMEA at Partners for Growth said, “We have continued to be impressed by how Tabby has redefined the way people shop in the UAE and Saudi and empowered them to embrace financial freedom, while solidifying Tabby’s position as a leader in the BNPL industry. It has been a privilege to work with Tabby from establishing its inaugural facility to seeing the business grow tremendously.”
Michael Breitstein, Managing Director at CoVentures said, “CoVenture is excited to expand its thesis on global FinTech into the MENA region, especially given how impressed we are with Tabby’s management team and impactful, fast-growing product.”
The additional financing will support the company’s core buy now, pay later service increasing reach to more customers, retailers and purchases.
The BNPL platform is installed over 20,000 times daily and drives over 5 million store visits a month.
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