Tamara Gets Preliminary Consumer Finance License from SAMA
This approval will allow Tamara to expand its services to include a broader range of financial products.
Tamara, a Saudi financial technology company, has received preliminary approval from the Saudi Central Bank (SAMA) for a consumer finance license.[1]
This approval will allow Tamara to expand its services to include a broader range of financial products. The company aims to strengthen its presence in Saudi Arabia and the Gulf Cooperation Council (GCC) countries through this move.
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.
Last year, Tamara raised $340 million in a financing round that values the fintech at $1 billion, making it the first Saudi fintech unicorn startup.
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.