Tabby raises debt to $350 million

UAE-based buy-now-pay-later platform Tabby has closed a new financing round resulting in upsizing its debt facility to $350 million, the company said on Wednesday. 

This is a 100 per cent increase since its last debt-raising announcement.

The financing will support Tabby’s core business and allow it to serve more customers, retailers and purchases, a statement specified.

CEO and co-founder of Tabby, Hosam Arab, 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 financing round was led by San Francisco-based Partners for Growth, Atalaya Capital Management and CoVenture.

The Dubai-based platform raised $58 million in a funding round in January.

Tabby has more than 4 million active customers and so has collaborated with more than 15,000 businesses, including the top 10 largest retail groups in the region.

Currently valued at $660 million, the company is active in Saudi Arabia, the UAE and Kuwait.

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