By Leandra Monteiro
August 04, 2022
- Atalaya Capital Management
- Debt financing
Tiger, MENA’s leading shopping and payment appsecured $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG).
Hosam Arab, CEO and co-founder of Tabby said: “Debt commitments from two reputable institutions are validation of our strong track record and business model. As we approach profitability, we are fortunate to not have to raise equity under current market conditions and as such, we are delighted to partner with like-minded people at PFG and Atalaya.
Based in New York, this facility marks Atalaya Capital Management’s first transaction in the MENA region. Additionally, San Francisco Bay Area-based Partners for Growth (PFG) has increased its initial commitment by $50 million as part of the new facility. In total, this represents the largest credit facility ever secured by a FinTech in the GCC. Following Tabby’s Series B expansion earlier this year, Tabby’s total capital raised to date is $275 million.
Justin Burns, Managing Director of Atalaya Capital said, “Atalaya is thrilled to partner with Tabby on its mission to expand access to credit and payments in markets where existing options are limited.
Max Penel, co-head of Global Fintech at PFG said, “We continue to be impressed with Tabby’s continued rapid growth while significantly improving its unit economics and PFG is excited to continue supporting Tabby through an expansion of our existing facility.”
The investment strengthens Tabby’s balance sheet and supports its continued growth in transaction volumes and product expansion. Over the past few months, major brands like H&M, Bath & Body Works, Nike, Swarovski and many more have chosen Tabby as their payment partner. Tabby will continue to provide consumers in the MENA region with access to credit that would not otherwise be available to them, without charging interest or other fees.
Tabby grew revenue 10x, 8x from active customers and 3x from active retail partners in the first half of 2022, compared to the same period last year. Tabby continues to operate with superior economics through controlled risk in a market where access to credit is scarce and consumers cannot easily outgrow each other.
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