Tabby upsizes debt facility to $350m with new financing

By Leandra Monteiro

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.