News

Tabby receives USD 150 million credit facility to sustain growth

Thursday 4 August 2022 11:50 CET | News

Saudi Arabia-based Buy Now, Pay Later company Tabby has secured USD 150 million in debt financing from Atalaya Capital Management and Partners for Growth.

 

The investment fortifies Tabby’s balance sheet and supports its sustained growth in transaction volumes and product expansion. Brands like H&M, Bath & Body Works, Nike, Swarovski, and more have chosen Tabby as their payments partner. Tabby will continue to provide MENA’s consumers with access to credit otherwise unavailable to them, without charging any interest or other fees.

In May 2022, Tabby announced the launch of Tabby Card, a solution in MENA tapping into 90% of the retail opportunity that happens offline. The company has also grown 10x in revenue, 8x in active customers and 3x in active retailer partners in the first half of 2022, compared to the same period in 2021, it says.

Following the company’s Series B extension earlier in 2022, its total capital raised to date amounts to USD 275 million.

Buy Now, Pay Later company Tabby secures USD 150 million in debt financing from Atalaya Capital Management and Partners for Growth.

The BNPL ecosystem in MENA

MENA’s market dynamics make BNPL highly more relevant compared to developed markets where players continue to face challenges. In Saudi Arabia, less than 20% of the population have a credit card in comparison to over 70% of the population in the United States, as per the press release. The limited access to credit solutions in the Kingdom makes Tabby a sought solution for consumers to add more flexibility and control over their finances. 

Tabby creates financial freedom in the way people shop, earn, and save by reshaping their relationship with money. It lets one shop now, pay later, and earn cash – without the interest, fees or debt traps. Over 3,000 global brands and small businesses, including Adidas, H&M, IKEA, SHEIN, and Bloomingdale’s use Tabby to accelerate growth and gain loyal customers by offering flexible payments online and in stores.

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Keywords: investment, BNPL, ecommerce, instalment payments, online payments
Categories: Payments & Commerce
Companies: Tabby
Countries: Middle East
This article is part of category

Payments & Commerce

Tabby

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