Saudi Fintech Tamara Secures Additional Debt Financing
The financing will support Tamara's flagship BNPL product and allow the company to invest in new products and services.
Saudi fintech company Tamara, has raised the total value of its warehouse facility to $400 million after securing an additional debt financing worth up to $250 million, the company said in an announcement.
The facility is an incremental up to $200 million of senior debt arranged by Goldman Sachs, and up to $50 million mezzanine tranche led by Shorooq Partners. The financing will support Tamara's flagship BNPL product and allow the company to invest in new products and services.
Tamara, a shopping and payments platform for Saudi Arabia and the GCC, employs more than 500 people. It was founded in Riyadh in 2020 by serial entrepreneur Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Al Babtain and has offices in the UAE, Egypt, Germany, and Vietnam.
Tamara works with over 26,000 merchants, including brands like SHEIN, Noon, Ikea, and Farfetch, among others, and has over 9 million users.
Tamara is backed by Sanabil Investments, a financial investment company by Saudi Arabia's Public Investment Fund (PIF), along with Checkout.com, Coatue, Shorooq Partners, and Endeavor Catalyst, among others.
In March 2023, Tamara agreed to a receivables warehouse facility of up to $150 million from Goldman Sachs.
In August 2022, Tamara raised a $100 million Series B equity round led by Sanabil Investments. In April 2021, it raised $110 million in a Series A round led by Checkout.com, following a $6 million seed funding round in January 2021.