Saudi-based fintech startup Tamara has announced securing a financing package of up to $2.4 billion from global investors, including Goldman Sachs, Citi, and Apollo funds. The funding will support the company’s plans to scale its credit and payment solutions, it said on Monday.
The Shariah-compliant facility will refinance and expand Tamara’s earlier $500 million arrangement. The package consists of an immediate $1.4 billion commitment, with an additional $1 billion available over three years, subject to further approvals.
“The asset-backed facility will increase Tamara’s lending power and help the platform grow well beyond its current 20 million customers,” the company said.
Tamara is one of the Gulf region’s leading buy-now-pay-later (BNPL) providers, enabling consumers to split payments for high-value purchases. While some players in the sector impose late fees, Tamara competes with rivals such as Tabby, another prominent fintech in the space that surged in popularity during the COVID-19 pandemic.
The startup achieved unicorn status in late 2023, reaching a valuation of $1 billion following a $340 million Series C funding round. The round drew participation from major investors, including SNB Capital and Sanabil Investments, the latter owned by Saudi Arabia’s sovereign wealth fund.
