UAE - Mubasher: Dubai-based buy now, pay later provider tabby has raised $50 million in debt financing from Silicon Valley-based Partners for Growth (PFG), a speciality-lending firm.
The financing is the largest facility secured by a fintech company in the MENA region, according to a recent press release.
Partners for Growth's investment will enable Mubadala-backed tabby to expand its businesses; hence, the size of the facility will grow as the fintech startup becomes larger over time.
The CEO of tabby, Hosam Arab, said: "As our transaction volumes and merchant numbers have continued to surpass all our expectations, it was essential for us to partner with an organisation that would support our current and long-term growth."
Meanwhile, the Investment Director at PFG, Max Penel, commented: "tabby is one of the fastest-growing companies in the Mena region and they have an attractive market opportunity ahead."
