According to Bloomberg, Atalaya Capital Management and Partners for Growth, two US-based investors, have provided the majority of the debt funding for Tabby, a Dubai-based buy now, pay later (BNPL) company.
Furthermore, this is Atalaya’s first business transaction in the Middle East and North Africa (MENA) area.
The money will be put to use promoting and growing Tabby’s goods in Kuwait, Saudi Arabia, and the United Arab Emirates, which are its main export markets. A portion of the money will also be used to support Egyptian growth.
Due to the restricted consumer access to finance in MENA, the startup remains confident despite inflation and the beginning of a global crisis. Hosam Arab, the CEO of Tabby, claims that the company’s products are in greater demand than ever before, to the point that investment is needed as capital to keep up with demand.
In March, Tabby has completed its $54 million US extended series B fundraising round. This takes the firm’s overall funding raised to US $275 million.
