Buy Now Pay Later portal Tabby raises debt to $350 million

Dubai: The UAE based easy financing portal Tabby has closed a new financing round resulting in upsizing its debt facility to $350 million, the company said on Wednesday.

The financing round was 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.

The additional financing will support Tabby’s core buy now, pay later business and allow it to serve more customers, retailers and purchases, it said in a statement.

Tabby has over 4 million active customers and has partnered with over 15,000 businesses, including the top 10 largest retail groups in the region.

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.”

The Tabby app sees more than 20,000 daily installs and drives over 5 million store visits a month.