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Tamara, the Saudi Arabian buy now pay later (BNPL) firm, has secured its position as the kingdom’s first homegrown unicorn startup, boasting a remarkable $1 billion valuation. In a significant milestone, the company successfully raised $340 million in series C funding, with SNB Capital and Sanabil Investments, owned by PIF, leading the investment charge. Tamara plans to utilize these funds to introduce new products and services, expanding its footprint in shopping, payments, and banking across the kingdom and the GCC region.
- Sanabil Investments expressed confidence in Tamara's transformative potential for financial services in Saudi Arabia and beyond. The series C funding round witnessed the participation of key investors, including Shorooq Partners, Pinnacle Capital, Impulse, along with existing supporters Coatue, Endeavor Catalyst, and Checkout.com. This funding surge closely follows Tamara's recent achievement of $400 million in debt financing, highlighting its robust financial standing.
Why it matters
Established in late 2020, Tamara has rapidly grown its presence in the kingdom, the UAE, and Kuwait, amassing 10 million users and partnering with over 30,000 merchants. Founded by Saudis Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al Babtain, the company reported a remarkable sixfold annual run rate revenue growth in less than two years. Notably, Tamara aligns with Sharia principles, customer-centricity, and transparency by recently eliminating late payment fees.
