Saudi Arabia-headquartered Tamara, a buy-now-pay-later (BNPL) platform, has scored the largest Series A in MENA.
The $110m funding round, which was led by Checkout.com, will help the FinTech to expand across the GCC by the end of the year. Following that, it hopes to expand further afield in the Middle East region.
This investment comes just months after the company collected $6m for its seed round.
Founded in 2020, the platform was the first BNPL to be enrolled in the Saudi Central Bank sandbox.
The platform offers consumers the ability to pay for products within 30 days or across three separate payments in a two month period. The service has no hidden fees or interest rates.
Tamara can be used to make payments online or in physical stores, which is done through its app and scanning a QR code.
Its services are currently available in Saudi Arabia and the UAE.
Tamara co-founder and CEO Abdulmajeed Alsukhan said, “Tamara was born to make a change. The region and the world need payment solutions that are transparent and customer-oriented.
“At Tamara, we offer our customers an alternative to credit cards and Cash on Delivery (COD), which enhances their shopping experience. Our solution also increases our merchant partners’ efficiency as well as their customer satisfaction.
“This transaction is only the beginning of our journey, and a great sign that we are on the right track. We are proud to have the trust of such an investor and we will continue expanding our products to transform the payments industry in the region.”
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