back Back

Tabby upsizes debt facility to $350m with new financing

By Leandra Monteiro

June 01, 2023

  • BNPL
  • Debt Facility
  • Partners for Growth
Share

Tabby,Tabby, MENA’s shopping and financial services app, has successfully closed a new financing round resulting in upsizing its debt facility to $350 million, over a 2X increase since its last debt raising announcement.

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-based Atalaya Capital Management, and CoVenture, a multi-strategy asset-management firm from Miami.

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.

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.”

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.”

The additional financing will support Tabby’s core buy now, pay later business and allow it to serve more customers, retailers and purchases. The Tabby app claims to witness more than 20,000 daily installs and drives over 5 million store visits a month.

Previous Article

June 01, 2023

Worldpay & Affirm partner to expand Pay-Over-Time solutions for Merchants

Read More
Next Article

June 01, 2023

BNY Mellon to establish Global AI R&D Hub in Dublin

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

BNPL

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 19, 2024

Ecommpay & Mastercard partner to deliver Click to Pay in Europe

Read More

July 19, 2024

LTIMindtree extends multi-million-dollar contract with Absa Bank

Read More

July 19, 2024

Sopra Banking Software partners with Finom

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024