Dubai-based Tabby has announced it is upsizing its warehouse debt facility to $350 million following the completion of a new financing round.
The additional financing means Tabby has more than doubled its debt facility since the last debt raising announcement. It will be used to support Tabby’s expansion plans for its core buy now, pay later business, the company said.
According to the firm, the Tabby shopping and financial services app has more than 20,000 daily installs with over five million store visits a month. Over 280,000 Tabby Cards are said to have been issued in the UAEboosting its offline sales.
The latest round involved the participation of key global credit investors, led by San Francisco-based Partners for Growth (PFG), who provided Tabby’s first institutional debt facility and supported the ongoing expansion to include New York-headquartered Atalaya Capital Management, and CoVenture, a multi-strategy asset-management firm from Miami.
Hosam Arab, CEO and Co-Founder of Tabby said: “We are thrilled to partner with exceptional investors Atalaya, CoVenture and Partners for Gorwth PFG to continue supporting Tabby’s growth and redefining what people can do with their money.”
Armineh Baghoomian, Managing Director and Head of EMEA at Partners for Growth added: “We have continued to be impressed by how Tabby has redefined the way people shop in the UAE and Saudi and empowered them to embrace financial freedom, while solidifying Tabby’s position as a leader in the BNPL industry. It has been a privilege to work with Tabby from establishing its inaugural facility to seeing the business grow tremendously.”
