Tabby, MENA’s leading Buy Now Pay Later (BNPL) provider, has secured $150 million in debt financing from US-based investment advisory firm, Atalaya Capital Management and existing investor Partners for Growth (PFG).
Headquartered in New York, this facility marks Atalaya Capital Management’s first deal in the MENA region. In addition, San Francisco Bay Area-based Partners for Growth (PFG), have upsized their initial $50 million commitment under the new facility.
In aggregate, this represents the largest credit facility ever secured by a fintech in the GCC. Following Tabby’s Series B extension earlier this year, Tabby’s total capital raised to date amounts to $275 million.
The investment fortifies Tabby’s balance sheet and supports its sustained growth in transaction volumes and product expansion. In the last few months, major brands like H&M, Bath & Body Works, Nike, Swarovski and more have chosen Tabby as their payments partner.
Tabby will continue to provide MENA’s consumers with access to credit otherwise unavailable to them, without charging any interest or other fees. In May, Tabby announced the launch of Tabby Card, a first-of-its-kind solution in MENA tapping into 90 percent of the retail opportunity that happens offline.
“Debt commitments from two reputable institutions are validation of our strong track record and business model. As we near profitability, we’re in the fortunate position of not having to raise equity under the current market conditions and as such are thrilled to partner with the like-minded people at PFG and Atalaya.”
“Atalaya is excited to partner with Tabby in its mission to expand access to credit and payments in markets where there are limited existing options,” Mr. Justin Burns, Managing Director of Atalaya Capital, said.
Mr. Max Penel, Co-Head of Global Fintech at PFG, said that “We continue to be impressed by Tabby’s ongoing rapid growth whilst materially improving its’ unit economics and PFG is excited to continue to support Tabby through an upsize of our existing facility.”