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04-06-23

Tabby Secures USD350 Million Debt Facility to Expand its Fintech Services in UAE

(MENAFN) Tabby, a fintech company headquartered in the UAE, has announced the upsizing of its debt facility to USD350 million following a successful financing round led by Partners for Growth, a US-based investment firm, along with participation from Atalaya Capital Management and CoVenture. This development comes after Tabby secured USD150 million in debt funding in August of the previous year to support the expansion of its "Buy Now Pay Later" offering.

The increased debt facility will enable Tabby to enhance its services and cater to a larger customer base while also supporting the growth of its network of retailers. With claims of serving 4 million customers and partnering with 15,000 retailers, Tabby aims to provide flexible payment solutions that empower consumers to make purchases and pay in installments.

By securing additional financing, Tabby is well-positioned to accelerate its operations and expand its market presence. The company's "Buy Now Pay Later" model has gained popularity as it offers a convenient and accessible payment option for consumers, allowing them to manage their cash flow more effectively. This financing round demonstrates the confidence of investors in Tabby's business model and its potential for further growth in the dynamic fintech landscape.

The increased debt facility will support Tabby's ambitions of serving a broader customer base and forging new partnerships with retailers. As the company continues to innovate and strengthen its position in the market, it aims to provide seamless and transparent financial solutions that cater to the evolving needs of consumers and businesses alike.

With the support of Partners for Growth, Atalaya Capital Management, and CoVenture, Tabby is poised to leverage its enhanced financial resources to drive expansion and establish itself as a leading player in the fintech industry. By facilitating access to affordable and flexible payment options, Tabby seeks to contribute to the growth and development of the e-commerce sector in the UAE and beyond.

Overall, the upsizing of Tabby's debt facility represents a significant milestone for the company, enabling it to scale its operations, serve a larger customer base, and continue its mission of transforming the way people shop and pay in the UAE and the wider region.
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