KSA Business: Tabby secures $150m credit facility from Atalaya Capital – Gulf Digital News

KSA Business: Tabby secures $150m credit facility from Atalaya Capital – Gulf Digital News

Tabby, the Middle East and North Africa's (Mena) leading payments and shopping app, has secured $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG).

In aggregate, this represents the largest credit facility ever secured by a fintech in the GCC.

The investment fortifies Tabby’s balance sheet and supports its sustained growth in transaction volumes and product expansion. In the last few months, major 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.

First deal

Headquartered in New York, this facility marks Atalaya Capital Management’s first deal in the Mena region. In addition, San Francisco Bay Area based Partners for Growth (PFG), have upsized their initial $50 million commitment under the new facility. Following Tabby’s Series B extension earlier this year, Tabby’s total capital raised to date amounts to $275 million.

In May, Tabby announced the launch of Tabby Card, a first-of-its-kind solution in Mena tapping into 90% of the retail opportunity that happens offline.

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