Saudi's fintech Tamara bags additional debt financing of $250M
The new funding will help the company meet the demand for its flagship BNPL product and provide capital for investment in new products and services.
Saudi Arabian fintech startup has secured $250 million in debt financing, according to a statement shared on Wamda.
The new funding will help the company meet the demand for its flagship BNPL product and provide capital for investment in new products and services.
In March, the startup secured a $150 million debt financing round from Goldman Sachs.
“This additional debt financing in this nascent sector will provide the company with the flexibility needed to expand their product and service offerings, giving a timely boost to the marketplace," added, Rajiv Shah, Head of Financing Middle East and North Africa, Goldman Sachs.
Tamara, founded by serial entrepreneur Abdulmajeed Alsukhan and partners Turki Bin Zarah and Abdulmohsen Al Babtain in 2020, is a shopping and payments platform in Saudi Arabia and the GCC region.
Headquartered in Riyadh, Saudi Arabia, the company employs more than 500 and operates in the UAE, Egypt, Germany and Vietnam.
Backed by Sanabil Investments, Tamara has over 9 million users and 26,000 merchants, including global brands such as SHEIN, Jarir, Noon, Ikea, H&M and Farfetch, as well as local small and medium-sized businesses such as Checkout.com, Coatue, Shorooq Partners and Endeavor Catalyst.
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Edited by Affirunisa Kankudti
