Tamara, Saudi Arabia-based company, secured an additional up to $250m in debt financing, elevating its total warehouse facility to a staggering $400m.
This financing comprises up to $200m of senior debt, skilfully arranged by Goldman Sachs, which propels the senior warehouse facility to an impressive $350m, according to a report from Wamda. Additionally, a further up to $50m mezzanine tranche, spearheaded by Shorooq Partners, contributes to this financial boost.
At its core, Tamara is dedicated to revolutionising the shopping and payment experiences in the GCC. The company’s flagship Buy Now, Pay Later (BNPL) product stands at the forefront of its offerings, demonstrating its commitment to innovation and consumer convenience.
The infusion of new capital is earmarked for a specific purpose. Tamara aims to utilise this funding to sustain the burgeoning demand for its BNPL product. Furthermore, these funds will be instrumental in releasing capital for the development of new products and services, thus reinforcing Tamara’s industry leadership.
Tamara enjoys a robust user base of over 9 million, with a network of more than 26,000 merchants, partnering with both global and regional brands. Some notable collaborations include SHEIN, Jarir, Noon, Ikea, H&M, and Farfetch, along with various local SMEs. The company’s investor portfolio is impressive, featuring names like Sanabil Investments, Checkout.com, Coatue, Shorooq Partners, and Endeavor Catalyst.
Stefan Marciniak, CFO at Tamara, expressed his enthusiasm about the funding, stating: “We are pleased to announce this significant debt financing, a testament to our excellent operational performance to date and our future growth outlook. In a challenging economic climate, we are grateful to Goldman Sachs and Shorooq Partners for their support. These funds will catapult us forward, enabling us to further develop our flagship BNPL product and invest in new, innovative products and services, which will further strengthen our position as a leader in the industry.”
Nathan Kwon, Principal at Shorooq Partners, also shared his views: “We want to support the local Saudi FinTech ecosystem, and we are pleased to be strengthening our partnership with Tamara. This financing will catalyse their growth, bolstering their product and service portfolio. The region is poised for remarkable progress, and we are excited to be a part of it.”
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