Dubai buy now, pay later firm Tabby raises debt to $350 million

Dubai-based Tabby increased its debt facility to $350 million as the buy now, pay later startup pushes ahead with growth plans.

The financing round was led by San Francisco-based Partners for Growth, New York-based Atalaya Capital Management and CoVenture, a Miami-based multi-strategy asset-management firm. The additional financing will allow Tabby to serve more customers, retailers and purchases, it said in a statement.

Tabby’s last funding round in January valued the company at $660 million. It has over 4 million active users in Saudi Arabia, the United Arab Emirates and Kuwait and has partnered with more than 15,000 businesses.

In an interview at the time, Tabby Chief Executive Officer Hosam Arab said although concerns over higher interest rates and a looming recession were impacting buy now, pay later companies in developed markets, Gulf-based consumers were less indebted and better-able to repay debts.