Tabby, a buy-now-pay-later platform based in Dubai, has announced its acquisition of $50 million in debt financing funds. The funds were provided primarily by Partners for Growth, a San Francisco-based firm, and sets a new record as the largest of its kind raised by any fintech firm within the region.
A service launched in 2019, Tabby offers its interest-free installment services in the UAE and Saudi Arabia. It also partners with merchants and retailers to make it possible for its users to defer payments for up to a month. This service applies to purchases made online and those made at physical stores of partnering retailers.
This new fund will be used to pay off purchases, while also enlarging the firm’s lending capacity.
Hosam Arab, the co-founder, and CEO of Tabby said “we’re delighted to partner with a globally reputed private debt institution like Partners for Growth. As our transaction volumes and merchant numbers have continued to surpass all our expectations, it was essential for us to partner with an organization that would support our current and long-term growth.”
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