Dubai Buy Now, Pay Later firm Tabby raises debt facility to $350 mln

Tabby, the MENA’s leading shopping and financial services app, has successfully closed a new financing round resulting in upsizing its debt facility to $350 million, a 100 percent increase since its last debt raising announcement, according to a press release by the Dubai-based Buy Now, Pay Later firm on Wednesday.
The round involved the participation of key global credit investors, led by San Francisco-based Partners for Growth (PFG), who provided Tabby’s first institutional debt facility and supported the ongoing expansion to include New York-headquartered Atalaya Capital Management, and CoVenture, a multi-strategy asset-management firm from Miami.
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The additional financing will allow Tabby to serve more customers, retailers and purchases, it said in a statement.
Hosam Arab, CEO and Co-Founder of Tabby 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.”

Tabby is active in Saudi Arabia, UAE, and Kuwait, and is valued at $660 million.
The upsizing of Tabby’s credit facility reflects the remarkable growth the company is experiencing with over 4 million active customers who are taking control of their finances with more flexibility. Tabby has now partnered with over 15,000 businesses, including the top 10 largest retail groups in the region, growing their business by offering their customers their most preferred way to pay.
Tabby’s success extends to offline sales with now over 280,000 Tabby Cards issued in the UAE.

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