- Tamara, a Saudi Arabian fintech offering buy now, pay later (BNPL) services, has raised $340 million in a Series C funding round.
- The funding values the company at $1 billion, making it the country’s first fintech unicorn.
- New investors participating included Shorooq Partners, Pinnacle Capital, and Impulse, along with existing shareholders like Sanabil Investments, SNB Capital, Coatue, Endeavor Catalyst, and Checkout.com.
- Tamara, which was founded in 2020, operates in the UAE and Kuwait as well as Saudi Arabia, and has over 10 million users and more than 30,000 partner merchants on its platform.
- The new funds will be used to develop and launch new products and services, as the company plans to expand beyond BNPL to include shopping, payments, and banking services throughout the Gulf Cooperation Council (GCC) region.
Saudi Arabian fintech startup Tamara has secured $340 million in Series C funding, giving the BNPL services provider a valuation of $1 billion and making it the first Saudi Arabian fintech unicorn. The fundraising round attracted new investors Shorooq Partners, Pinnacle Capital, and Impulse, in addition to current shareholders Sanabil Investments, SNB Capital, Coatue, Endeavor Catalyst, and Checkout.com.
Tamara was established in 2020 and operates from its headquarters in Riyadh, alongside bases in the United Arab Emirates and Kuwait. It boasts over 10 million users and more than 30,000 partner merchants, with the latest funding said to be “among the largest investments in a fintech company in the region”.
The Series C funding brings the total equity raised by Tamara to date up to $500 million. The funds will be utilized to develop and launch new products and services, with the company indicating plans to move beyond BNPL services. The future direction is toward shopping, payments, and banking services across the wider Gulf Cooperation Council region.
