Atalaya Capital Management and current investor Partners for Growth have provided $150 million in debt funding to the Dubai-based paytech company Tabby. The latest debt financing comes after Tabby closed a $54 million Series B extension in March.
According to Tabby, the investment strengthens the company’s balance sheet and helps it maintain steady growth in transaction volumes and product diversification. It continues to offer MENA consumers access to finance that is “otherwise unavailable to them” without levying interest or other costs, the company said.
Tabby’s income increased by 10 times, its active customers increased by 8 times, and its retail partners increased by 3 times in the first half of 2022 compared to the same period in 2017.
The loan commitment, according to Tabby’s CEO and co-founder Hosam Arab, “is validation of our strong track record and business model” as the company approaches profitability and “we’re in the fortunate position of not having to raise equity under the current market conditions.”
Founded in 2019, Tabby offers clients buy-now, pay-later (BNPL) services “without the interest, fees, or debt traps.” It has revealed that Saudi Arabia, the United Arab Emirates, Egypt, and Kuwait hold more than two million of its active users.
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