KSA-Based Tamara Cashes In Up To US$2.4 Billion Asset-Backed Facility From Global Institutions
The transaction, announced at the Money 20/20 Middle East event in Saudi Arabia, is the largest of its kind in the region.
Saudi Arabia-based buy now pay later (BNPL) startup Tamara, the Kingdom’s first homegrown fintech unicorn, has secured an asset-backed facility of up to US$2.4 billion from New York-based investment bank Goldman Sachs, US-headquartered global bank Citi, and New York-based alternative investment manager Apollo.
The transaction, announced at the Money 20/20 Middle East event in Saudi Arabia, is the largest of its kind in the region.
The deal refinances and expands a previous $500 million facility arranged by Goldman Sachs in 2023. It includes an initial $1.4 billion with an additional $1 billion available over three years, subject to approvals.
The new funding will support Tamara’s expansion into credit and payment products as it looks to grow beyond its current 20 million customers.
In a statement, Abdulmajeed Alsukhan, co-founder and CEO of Tamara, said, "This landmark facility with our global financing partners accelerates our growth trajectory, empowering us to invest further in building the most customer-centric financial super-app on earth. Today’s milestone brings us one step closer to helping people own their dreams.”
The facility has been framed as a commitment to localized investment practices, aligning with Saudi Arabia’s Vision 2030 and the financial sector development program. By increasing Tamara’s lending capacity, the transaction aims to support private sector growth while drawing further backing from both local and international financial institutions.
Founded by serial entrepreneur Abdulmajeed Alsukhan alongside Turki Bin Zarah and Abdulmohsen Al Babtain in Riyadh in 2020, Tamara, which has offices in the UAE, Egypt, Germany, and Vietnam, has built a network of more than 87,000 merchants. In December 2023, the company raised $340 million in its Series C funding round, making it the Kingdom's first homegrown fintech unicorn.
