Tabby, MENA’s payments and shopping app, raised $150 million in debt financing from US-based firms Atalaya Capital Management and Partners for Growth (PFG). This is Atalya’s first deal in the Middle East and North Africa.
“Debt commitments from two reputable institutions is validation of our strong track record and business model. As we near profitability, we’re in the fortunate position of not having to raise equity under the current market conditions and as such are thrilled to partner with the like-minded people at PFG and Atalaya,” Hosam Arab, CEO and Co-Founder of Tabby, said.
Tabby allows customers to split their purchases into 4 interest-free payments and earn cashback at different stores. The startup also recently launched their tabby card that allows users to do the same. Some of Tabby’s clients are: Nike, H&M, Bath & Body Works, and Swarovski among others.
Also read: Teeela, Kuwait’s gifting e-commerce platform, raises $3.7m in a pre-series A funding round
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