RIYADH: Dubai-based Tabby, a ‘Buy Now Pay Later’ firm, has secured a debt financing worth $150 million from two US-based investors, the company has announced.
According to the press release, the financing comes from New York’s Atalaya Capital Management and San Francisco-based Partners for Growth.
Following Tabby’s Series B extension earlier this year, the firm’s total capital raised to date amounts to $275 million.
“Debt commitments from two reputable institutions is a validation of our strong track record and business model,” said Hosam Arab, CEO and co-founder of Tabby.
He added: “As we near profitability, we’re in the fortunate position of not having to raise equity under the current market conditions and as such are thrilled to partner with the like-minded people at PFG and Atalaya.”
“Atalaya is excited to partner with Tabby in its mission to expand access to credit and payments in markets where there are limited existing options,” said Justin Burns, managing director of Atalaya Capital.