Tabby receives USD 150 million credit facility to sustain 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.

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.