- Tamara, a Saudi Arabia-based fintech, has closed a $150 million debt financing round from Goldman Sachs (GS). Tamara is a buy now pay later (BNPL) startup that allows consumers to buy a product and pay for it in instalments. This latest funding round brings Tamara's total funding in equity and debt up to $366 million since its launch in September 2020.
- In August 2022, Tamara closed a $100 million Series B equity round from Sanabil Investments, Coatue, Shurooq Partners, Endeavor Catalyst, and existing investor Checkout.com. This new funding will help Tamara finance the growing demand for its BNPL product and continue its growth across new verticals. Tamara has witnessed record-breaking adoption, having onboarded six million customers since its launch two and a half years ago across Saudi Arabia, followed by neighbouring GCC countries UAE, Kuwait and Bahrain.
Why it matters
The fintech sector is undergoing a rapid transformation in the region, and Tamara's digital-first approach focused on Millennials and Gen Z positions the company at the forefront of this transformation. This funding also represents a milestone in the region's growing startup ecosystem and highlights the trust and confidence of top-tier global financial institutions in the region's startups.
