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Leading shopping and financial services app Tabby has successfully closed a new funding round, boosting its warehouse debt funding to $350 million, doubling the amount it raised since its last announced debt raise.
The additional financing will support Tabby’s core buy now pay later business and enable it to serve more customers, retailers and buyers.
The round involved the participation of leading global credit investors led by San Francisco-based Partners for Growth (PFG), which provided Tabby with its first institutional debt financing and supports continued expansion, including New York-based Atalaya Capital Management and CoVenture, a multi-strategy asset management firm from Miami.
remarkable growth
The addition of the Tabby line of credit reflects the significant growth the company is experiencing, with more than 4 million active customers gaining more flexibility and control over their finances. Tabby has worked with over 15,000 businesses, including the region’s top 10 retail groups, to grow their businesses by offering customers their favorite payment method. Tabby’s success has extended to offline sales, with over 280,000 Tabby cards currently issued in the UAE.
Hosam Arab, Tabby CEO and Co-Founder, said: “We are excited to partner with exceptional investors Atalaya, CoVenture and PFG to continue supporting Tabby’s growth and redefine what people can do with their money.”
Justin Burns, Managing Director of Atalaya Capital Management, said: “We are excited to continue working with Hosam and the rest of Tabby’s exceptional team on their mission to create financial freedom for consumers in the region. Tabby is able to deliver a strong Growing income while improving the economy at the same time is a rare achievement.”
BNPL leader
Armineh Baghoomian, Managing Director and Head of EMEA, Partners for Growth, said: “How Tabby is redefining the way people shop in the UAE and Saudi Arabia and empowering them to embrace financial freedom, while cementing Tabby as a leader in the BNPL industry. It is an honor to partner with Tabby has gone from building its first facility to seeing tremendous growth in business.”
Michael Breitstein, CoVenture Managing Director, said: “CoVenture is delighted to extend its thematic focus on global fintech to the MENA region, particularly given how impressed we have been with Tabby’s management team and impactful fast-growing product.”
With more than 20,000 daily installs and more than 5 million monthly store visits, the Tabby app is the premier shopping destination for millions of customers to discover brands, trending styles and exclusive deals. — trade arab news agency
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