Dubai-based buy now pay later (BNPL) startup tabby has raised $50 million in debt financing from Partners for Growth.
Founded in 2019 by Hosam Arab, formerly the founder of Namshi, tabby is a fintech startup that offers users a BNPL facility for shopping online and offline.
tabby works with more than 2,000 global brands and small businesses, including Adidas, IKEA, SHEIN, and Marks & Spencer. This latest round takes tabby’s funding to $80 million to date.
This debt financing will be used to expand tabby’s lending capacity and support the company’s growth. The vision is to grow the size of the facility as tabby’s underlying sales scales over time.
tabby, the Middle East’s leading buy now, pay later provider, has secured $50 million in debt financing from Partners for Growth (PFG), the largest such facility raised by a fintech company in the Mena region. The financing represents a significant milestone in the region’s startup ecosystem and demonstrates the growing maturity of the fintech landscape in the region.
Partners for Growth’s investment will bolster tabby’s capitalisation to expand lending capacity and support the company’s growth as its roster of impressive partners continues to grow. The vision is to grow the size of the facility as tabby’s underlying sales scales over time.
Speaking on the announcement Hosam Arab, CEO of tabby comments, “We’re delighted to partner with a globally reputed private debt institution like PFG. 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.”
Commenting on the partnership Max Penel, Investment Director at PFG said: “tabby is one of the fastest growing companies in the Mena region and they have an attractive market opportunity ahead. We are excited to support the tabby team and provide financing that can enable tabby to scale the platform, harnessing the continuous growth of the buy now pay later sector both regionally and globally.”
The Middle East’s leading buy now, pay later provider, tabby co-founded in 2019 by Hosam Arab, previously Co-founder and CEO of online retail site Namshi, helps retailers boost their sales by offering their customers flexible payment options that let them get what they want now and pay over time, interest-free.
Partners for Growth (PFG) is a leading specialty lending firm focused on emerging growth companies. The PFG team has decades of experience working together to structure debt facilities tailored to support the growth and expansion, working capital, and acquisition financing needs for the most innovative and rapidly growing businesses globally.