Xavier Kong · · 1 min readDubai BNPL firm secures $150m in debt financing
Tabby, a Dubai-based buy now, pay later (BNPL) firm has acquired US$150 million worth of debt financing, with US-based investors Atalaya Capital Management and Partners for Growth as key backers, Bloomberg reported.
This also marks Atalaya’s first deal in the Middle East and North Africa (MENA) region.
The funds will be used to support and expand Tabby’s products in its core markets – United Arab Emirates, Saudi Arabia, and Kuwait. Part of the funds will also go towards expansion efforts into Egypt.
The startup is optimistic in the face of inflation and the onset of a global recession, due to the limited access to credit among consumers in MENA. According to Tabby CEO Hosam Arab, demand for the company’s products is on the rise, to the point that funding is required as capital to meet the demand.
Tabby had concluded its extended series B funding round in March, securing US$54 million. This brings the total funds raised by the firm to US$275 million.
See also: BNPL struggles amid global recession – except in Southeast Asia
Editing by Miguel Cordon and Eileen C. Ang
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