Allen & Overy advised New York-based investment advisory firm, Atalaya Capital Management, as one of the lenders in relation to a USD150 million debt financing for Dubai-based buy now, pay later (BNPL) provider Tabby.
The financing was jointly provided with San Francisco-based Partners for Growth and will be used to support Tabby’s continued growth.
This deal marks one of the largest credit facilities secured by a fintech company in the GCC and is also Atalaya Capital Management’s first deal in the Middle East.
Launched in 2020, Tabby is the largest BNPL provider in the Middle East. Tabby’s platform allows customers to purchase goods from over 3000 global brands and small businesses and pay later in instalments.
Dubai banking partner Samer Eido commented: “We’re very pleased to support Atalaya Capital Management on this significant transaction. It demonstrates the growing importance of the fintech industry in the Middle East and the appetite from global investors to invest in the region.”
The A&O team was led out of Dubai by Samer Eido (Partner) and Aaron Temple (Senior Associate), assisted by Jonathan Beech (Associate) and Joe Riches (Associate).
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