Saturday, May 18, 2024

Buy Now Pay Later portal tabby picks up a cool $50m in record fintech funding

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Dubai: The Buy Now Pay Later phenomenon sweeping through UAE and Gulf retail and consumer space is not abating. One of the key platforms offering such financing support, tabby, has picked up a staggering $50 million from Partners for Growth – the biggest such facility to date in the region for a fintech company.

This investment will “bolster tabby’s capitalization to expand lending capacity and support the company’s growth,” said a statement. “The vision is to grow the size of the facility as tabby’s underlying sales scales over time.”

“As our transaction volumes and merchant numbers have continued to surpass all our expectations, it was essential for us to partner with an organization that would support our current and long-term growth,” said Hosam Arab, CEO of tabby.

At a time when consumers are still squeamish about spending on anything other than essentials, the BNPY platforms allow them to pick their choice of goods or service and pay in short monthly instalments. No interest rates are charged. These portals have carved up quite a good deal of visibility within the broader fintech space – the $50 million funding just proves that.

“tabby is one of the fastest growing companies in the MENA region and they have an attractive market opportunity ahead,” said Max Penel, Investment Director at PFG. “We are excited to support the tabby team and provide financing that can enable tabby to scale the platform, harnessing the continuous growth of the buy now pay later sector both regionally and globally.”

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