#Dubai BNPL Buy Now, Pay Later Firm Tabby Gets $150 Million Financing - Bloomberg

Dubai BNPL Buy Now, Pay Later Firm Tabby Gets $150 Million Financing - Bloomberg

Dubai-based buy now, pay later startup Tabby secured debt financing worth $150 million from two US-based investors, in what the company said is the largest credit facility for a fintech firm in the Gulf region.

Part of the financing comes from New York’s Atalaya Capital Management, its first deal in the Middle East and North Africa. In addition, San Francisco-based Partners for Growth increased its initial $50 million commitment, Tabby said.

Firms like Tabby allow customers to purchase goods and pay for them in installments. While concerns over inflation and a looming recession have hurt such companies in developed markets, Tabby expects demand to continue rising in the Gulf where access to credit is scarce.

Less than 20% of the population has a credit card in Saudi Arabia -- the largest Gulf economy -- compared to more than 70% in the United States, the firm said.