Saudi Fintech Unicorn Tamara Secures Groundbreaking $2.4 Billion Facility Backed by Goldman Sachs
Tamara, Saudi Arabia’s pioneering homegrown fintech unicorn, has announced a monumental achievement, securing an asset-backed credit facility of up to $2.4 billion. This landmark funding, championed by global financial powerhouses including Goldman Sachs, Citi, and Apollo funds, marks the largest of its kind in the region. This strategic injection of capital not only refinances but also substantially upsizes Tamara’s previous $500 million facility, signaling immense confidence in its growth trajectory and its pivotal role in the evolving financial landscape of the Middle East.
Fueling Strategic Expansion and Regional Innovation
The newly secured facility demonstrates a significant leap for Tamara, with an initial $1.4 billion funded upfront, complemented by an additional $1 billion available over the next three years. Founded in 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Albabtain, Tamara has rapidly become a leader in the Buy Now Pay Later (BNPL) sector, offering flexible payment solutions that resonate with consumers and merchants alike. This substantial funding round is earmarked for critical strategic initiatives, including the expansion of credit product offerings, fostering payment innovation, and accelerating regional growth across its operational footprint. Such endeavors are directly aligned with Saudi Arabia’s ambitious Vision 2030 and the Financial Sector Development Program (FSDP), which aim to bolster the contribution of small and medium-sized enterprises (SMEs) to the nation’s GDP. This impressive financing follows closely on the heels of Tamara’s successful $340 million Series C round in late 2023, which cemented its valuation at over $1 billion and solidified its status as Saudi Arabia’s first fintech unicorn.
This unprecedented $2.4 billion facility underscores Tamara’s position as a dynamic force in the fintech sector and a key driver of financial inclusion and modernization in the Kingdom and beyond. With the backing of top-tier global investors, Tamara is poised to further innovate its offerings, expand its reach, and continue its trajectory as a leader in transforming consumer finance within the region, setting a new benchmark for fintech growth in emerging markets.
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