Payments firm Tabby rakes in $150m credit facility

Tabby, a Middle Eastern payments and shopping app, has raised $150m in debt financing from Atalaya Capital Management and Partners for Growth.

Following Tabby’s Series B extension earlier this year, Tabby’s total capital raised to date amounts to $275 million.

According to Tabby, the investment fortifies its balance sheet and supports its sustained growth in transaction volumes and product expansion. Tabby will continue to provide MENA’s consumers with access to credit otherwise unavailable to them, without charging any interest or other fees.

Over the first half of 2022, the company has grown 10x in revenue, 8x in active customers and 3x in active retailer partners compared to the same period last year.

Tabby CEO and co-founder Hosam Arab said, “Debt commitments from two reputable institutions is validation of our strong track record and business model. 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.”

Ben, an employee benefits platform, has secured $16m from a Series A funding round headed by Atomico.

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