It becomes the largest accumulation of debt facility funds by a MENA fintech company.
Dubai-based buy now, pay later platform, Tabby, has raised $50 million in debt financing funds from San Francisco-based Partners for Growth, marking a milestone of the largest debt facility funds raised by a fintech company in the MENA region.
Founded in 2019, Tabby provides interest-free buy now, pay later services in the UAE and Saudi Arabia, partnering with retailers to enable their customer base to defer purchase payments for up to 30 days, or to pay in four equal installments in both online or in-store transactions.
The new financing will be channelled towards funding customer purchases, where Partners for Growth’s investment will allow Tabby to expand its lending capacity and, in turn, support the company’s overall growth.
Hosam Arab, the co-founder and CEO of Tabby, said “we’re delighted to partner with a globally reputed private debt institution like Partners for Growth. As our transaction volumes and merchant numbers have continued to surpass all our expectations, it was essential for us to partner with an organisation that would support our current and long-term growth.”
Meanwhile, Max Penel, the Investment Director at Partners for Growth, saw positive prospects for Tabby, saying it is “one of the fastest growing companies in the MENA region and [has] an attractive market opportunity ahead.”
Through the financing, Tabby will be able to scale its platform and “harness the continuous growth of the buy now, pay later sector, both regionally and globally,” said Penel.