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DUBAI: Tabby, a Dubai-based buy now, pay later service, has raised $50 million in debt financing.
The investment came from US-based Partners for Growth (PFG), and will be used to expand Tabby’s lending capacity, it said in a statement.
Transaction volumes and merchant numbers of the platform have significantly increased since it was founded in 2019, CEO Hosam Arab said.
“It was essential for us to partner with an organization that would support our current and long-term growth,” he added, referring to the PFG investment.
The global lending firm has particularly focused on emerging growth companies, providing debt facilities to up and coming startups such as Tabby.
“Tabby is one of the fastest growing companies in the MENA region and they have an attractive market opportunity ahead,” Max Penel, PFG’s investment director, said.
 “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,” he added.