Dubai's buy now, pay later firm Tabby has increased its debt facility to $350 million in a financing round led by US-based investors including Partners For Growth (PFG).

The new funding is expected to fuel the startups growth plans. Besides PFG, which provided Tabby's first institutional debt facility, the other firms participated in the latest round of funding includes: New York-headquartered Atalaya Capital Management, and CoVenture, a multi-strategy asset-management firm from Miami.

Tabby has more than 4 million active customers and has partnered with over 15,000 businesses. It has issued more than 280,000 Tabby Cards in the UAE.

Hosam Arab, CEO and Co-Founder of Tabby, said: "The additional financing will support Tabby’s core buy now, pay later business and allow it to serve more customers, retailers and purchases."

"The Tabby app sees more than 20,000 daily installs and drives over 5 million store visits a month, becoming a major shopping destination for millions of customers to discover brands, trending styles and exclusive deals," he added.

(Reporting by Seban Scaria; editing by Daniel Luiz)