Dubai buy now, pay later firm Tabby raises debt to $350m

Image credit: Tabby

Dubai-based Tabby increased its debt facility to $350mn as the buy now, pay later startup pushes ahead with growth plans.

The financing round was led by San Francisco-based Partners for Growth, New York-based Atalaya Capital Management and CoVenture, a Miami-based multi-strategy asset-management firm.

Tabby’s growth

The additional financing will allow Tabby to serve more customers, retailers and purchases, it said in a statement.

Tabby’s last funding round in January this year valued the company at $660m. It has over four million active users in Saudi Arabia, the United Arab Emirates and Kuwait and has partnered with more than 15,000 businesses.

In an interview at the time, Tabby’s chief executive officer Hosam Arab said although concerns over higher interest rates and a looming recession were impacting buy now, pay later companies in developed markets, Gulf-based consumers were less indebted and better-able to repay debts.