Tabby, a UAE-based Buy Now, Pay Later provider, has secured $50 million in debt financing from Silicon Valley-based Partners for Growth, with the size of the facility potentially increasing as the company becomes larger over time.
Co-founded in 2019 by Hosam Arab, previously CEO of online retail site Namshi, tabby provides consumers across the UAE and Saudi Arabia with the flexibility to pay for their online and offline purchases either in a deferred single payment or in multiple installments.
In December 2020, the fintech startup raised $23 million in one of the largest Series A rounds in the region. Hosam Arab said in an interview with WAYA, “Our goal is to make Tabby the most popular way for consumers to pay. In order to get there, we need to ensure we build products that consumers trust, value and engage with.”
Max Penel, investment director at PFG, commented “tabby is one of the fastest-growing companies in the MENA region and they have an attractive market opportunity ahead.”
The financing, which is one of the largest debt facilities for a Fintech startup in MENA, will enable tabby to further expand its business.
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