Tabby announced the launch of Tabby Card in May, a first-of-its-kind solution in MENA that taps into 90% of retail opportunity that occurs offline.

Justin Burns, Managing Director of Atalaya Capital, said: “Atalaya is excited to partner with Tabby in its mission to expand access to credit and payments in markets where there are limited existing options.” Tabby will continue to provide MENA consumers with access to credit that would otherwise be unavailable to them, with no interest or other fees. Tabby has recently been chosen as a payment partner by major brands such as H&M, Bath & Body Works, Nike, Swarovski, and others. The investment strengthens Tabby’s balance sheet and helps it maintain its steady growth in transaction volumes and product expansion. Tabby’s total capital raised to date is $275 million, following its Series B extension earlier this year. This is the largest credit facility ever secured by a fintech in the GCC. In addition, San Francisco Bay Area-based Partners for Growth (PFG) has increased their initial $50 million commitment under the new facility.

This facility marks Atalaya Capital Management’s first deal in the MENA region, with headquarters in New York. As we near profitability, we’re in the fortunate position of not having to raise equity under the current market conditions and as such are thrilled to partner with the like-minded people at PFG and Atalaya.” Hosam Arab, CEO and Co-Founder of Tabby, said: “Debt commitments from two reputable institutions is validation of our strong track record and business model.

Mediacom bill pay options