Tabby, the Dubai-based pay tech, secured $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth.
The new debt pledge follows Tabby’s $54 million Series B extension in March of this year.
Tabby says the investment “strengthens” its balance sheet and supports its continued growth in transaction volumes and product expansion. It adds that it will continue to provide consumers in the Middle East and North Africa (MENA) with access to credit “that would otherwise not be available to them”, without charging interest or other fees.
The company adds that it increased its revenue 10x, its active customers 8x and its active business partners 3x in the first half of 2022, compared to the same period last year.
Hosam Arab, CEO and co-founder of Tabby, says that as the company moves closer to profitability, “we are fortunate not to have to raise equity under current market conditions“, adding that the debt commitment “is validation of our strong balance sheet and business model”.
Tabby was founded in 2019 and provides buy-it-now, pay-later (BNPL) services to customers “without the interest, fees or debt traps”. It claims to have over two million active users in Saudi Arabia, UAE, Egypt, and Kuwait.