tabby, the Middle East’s leading buy now, pay later provider, has secured $50m in debt financing from Partners for Growth (PFG), the largest such facility raised by a fintech company in the MENA region. The financing represents a significant milestone in the region’s start-up ecosystem and demonstrates the growing maturity of the fintech landscape in the region.
Partners for Growth’s investment will bolster tabby’s capitalization to expand lending capacity and support the company’s growth as its roster of impressive partners continues to grow. The vision is to grow the size of the facility as tabby’s underlying sales scales over time.
Speaking on the announcement Hosam Arab, CEO of tabby comments, “We’re delighted to partner with a globally reputed private debt institution like PFG. As our transaction volumes and merchant numbers have continued to surpass all our expectations, it was essential for us to partner with an organization that would support our current and long-term growth.”
Commenting on the partnership 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.”
The Middle East’s leading buy now, pay later provider, tabby co-founded in 2019 by Hosam Arab, previously Co-founder and CEO of online retail site Namshi, helps retailers boost their sales by offering their customers flexible payment options that let them get what they want now and pay over time, interest-free.
Partners for Growth (PFG) is a leading specialty lending firm focused on emerging growth companies. The PFG team has decades of experience working together to structure debt facilities tailored to support the growth and expansion, working capital, and acquisition financing needs for the most innovative and rapidly growing businesses globally.
For more information, please visit https://tabby.ai/
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About tabby:
tabby makes shopping more rewarding by empowering people with the flexibility and freedom to get what they want. tabby lets you shop now, pay later and earn cash – without the interest, fees or debt traps. Over 2,000 global brands and small businesses, including Adidas, IKEA, SHEIN, and Marks & Spencer use tabby to accelerate growth and gain loyal customers by offering easy and flexible payments online and in stores. tabby is the Middle East’s first and largest buy now, pay later provider and has raised +$80m in funding from global and regional investors. Founded by CEO Hosam Arab (previously Co-founder and CEO of Namshi) and COO Daniil Barkalov (ex-Lamoda). For more information visit tabby.ai.
About Partners for Growth:
Founded in 2004 by the former owners and managers of San Francisco investment bank Hambrecht & Quist’s venture lending business, the PFG team has partnered with over 200 growth companies, providing financing for venture and non-venture backed companies across the globe.
For media requests:
Scarlett Sykes
TishTash PR
056 343 1245
Scarlett@tishtash.com
© Press Release 2021
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