- Buy now, pay later platform Tamara becomes the first Saudi fintech startup to reach a $1 billion valuation after raising $340 million in its series C funding round.
- The funding round was led jointly by SNB Capital and the Public Investment Fund’s Sanabil Investments.
- Tamara plans to use the funding to develop new products and services, expanding beyond the buy now, pay later model.
- The company aims to target sectors such as shopping, payments, and banking in Saudi Arabia and the wider Gulf region.
Tamara, a buy now, pay later (BNPL) platform, has become the first fintech unicorn in Saudi Arabia after securing $340m in a series C funding round. The funding was led by SNB Capital and Sanabil Investments, which is a part of the Public Investment Fund. This investment boosts Tamara’s standing in the Saudi fintech landscape as it continues to diversify its products and services.
According to the company, the capital injection will be utilized to develop and launch new products and services that extend beyond the BNPL business model. The funds will target sectors like shopping, payments, and banking not only in Saudi Arabia but also throughout the broader Gulf region.
The recent funding round marks a significant milestone for Tamara as it brings the company’s valuation up to $1 billion, making it a fintech “unicorn.” This term is used to denote privately held startup companies valued at over $1 billion. This achievement is likely to bolster Saudi Arabia’s reputation as a growing hub for fintech innovation.
It is important to note that Tamara’s success is part of a larger trend of financial digitization in the Gulf region. The Saudi Central Bank has recently been making efforts to boost the fintech ecosystem in the country, demonstrating a commitment to financing innovative technologies and modern solutions in the financial sector.
