Tamara has achieved the milestone of becoming the Saudi Arabia’s first homegrown fintech unicorn by securing $340m in a Series C equity funding round. This round was co-led by SNB Capital and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF) with participation from Shorooq Partners, Pinnacle Capital, Impulse and others, joining existing investors such as Coatue, Endeavor Catalyst and Checkout.com.

It is also among the largest investments in a fintech company in the region, following on from last month when the company secured additional debt financing to upsize its warehouse facility to up to $400m, led by Goldman Sachs and Shorooq Partners. With this transaction, Tamara will have raised a total of $500m in equity funding, and well above $400m in debt financing since its inception in late 2020. 

Tamara to deploy new products and services

Tamara operates in KSA, where it is headquartered, UAE and Kuwait and has more than 10 million users, over 30,000 partner merchants and reported six times annual run rate revenue growth in less than two years. With this new funding, Tamara plans to deploy funds on new products and services, going beyond BNPL and targeting opportunities in shopping, payments and banking services in Saudi Arabia and across the GCC.

Abdulmajeed Alsukhan, Co-founder, and CEO of Tamara said: “Saudi Arabia deserves its place on the world stage for financial technology. Just as Tamara was created by local entrepreneurs, nurtured by a supportive local ecosystem and market regulators, we stand here today, humbled and hungry, ready for our own leapfrog moment.

“This achievement is a testament to the ecosystem, to our incredible team, investors, and the collaborative spirit that makes this region a great place for talent to flourish. As we set our sights on becoming the next big giant in shopping, payments and banking we remain ever grateful for the significant opportunity in this underpenetrated and underserved banking and financial services landscape. Furthermore, The Saudi Central Bank (SAMA) has been instrumental in creating an enabling environment for Saudi companies like Tamara to grow and innovate in the Saudi fintech sector.”

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