Dubai-based buy-now, pay-later company Tabby has raised $50 million in debt financing from Partners for Growth (PFG). It is one of the largest ever such facility for a fintech start up in the MENA region.
The company, which was founded in 2019 by Hosam Arab, former CEO and co-founder of online retailer Namshi, will use the funds to expand its lending capacity and support company growth, with the intention to grow the size of the facility along with the company’s underlying sales.
Buy-now, pay-later facility enables customers to buy goods and then pay for them in installments or after a certain period of time free of interest. Tabby’s services are available in the UAE and Saudi Arabia.
A statement from Tabby said the facility represents a significant milestone in both the region’s start-up ecosystem and the maturity of its fintech landscape.
Max Penel, Investment Director at PFG said: “Tabby is one of the fastest growing companies in the MENA region and they have an attractive market opportunity ahead.
“We are excited to support the Tabby team and provide financing that can enable tabby to scale the platform, harnessing the continuous growth of the buy now pay later sector both regionally and globally.”