Prime Highlight
- Saudi Arabia’s Tamara has secured $2.4 billion in Shariah-compliant financing, marking one of the largest funding deals in the region’s fintech sector.
- The funding will accelerate Tamara’s expansion across the Middle Eastand support its ambition to build a financial super-app.
Key Facts
- The deal, backed by Goldman Sachs, Citi, and Apollo funds, provides $1.4 billion immediately, with another $1 billion available over three years.
- Tamara serves 20 million customers and 87,000+ businesses, including Apple, IKEA, and Amazon, making it Saudi Arabia’s first fintech unicorn.
Background
Saudi Arabia’s buy-now-pay-later platform Tamara announced it has raised $2.4 billion in a new Shariah-compliant financing deal. The announcement came during the Money20/20 conference in Saudi Arabia, showing strong trust from global investors in Tamara’s growth and the region’s fintech market.
The new facility is backed by big global companies like Goldman Sachs, Citi, and funds managed by Apollo. This deal increases a previous $500 million facility and will help Tamara develop new credit and payment services. The goal is to offer more financial solutions and expand across the Middle East.
Abdulmajeed Al-Sukhan, co-founder and CEO of Tamara, said, “This important deal helps us grow faster and work towards building the best financial super-app for our customers.”
The financing provides an immediate $1.4 billion, with an extra $1 billion available over three years, based on certain approvals.
Founded in Saudi Arabia, Tamara is the country’s first fintech unicorn. It now serves more than 20 million customers and works with over 87,000 businesses, including well-known global brands like Apple, IKEA, and Amazon. The company is assisted by Sanabil Investments, owned by the Saudi Arabia Public Investment Fund and SNB Capital.
The transaction will fit in the Saudi Arabia Vision 2030 that focuses on developing a robust digital economy, enabling the development of the private sector, and new international investments.
Tamara has grown rapidly since the company raised a series C fund of $340 million in December 2023. This new financing of 2.4 billion will position Tamara to grow further, making the company a leader in the fintech industry of the Gulf region.
