Tamara, a shopping and payments platform in Saudi Arabia and the GCC region, has secured $150m in a receivables warehouse facility from Goldman Sachs.
This capital will help Tamara finance the demand for its BNPL product, as well as grow across new verticals.
This investment brings Tamara’s total funding through equity and debt to $366m. In 2021, the company raised $110m, which it claimed was the largest Series A in the MENA region.
Tamara launched in 2020 and aims to transform people’s daily lives with how they shop, pay and bank.
Its flagship solution is the BNPL service. This allows consumers the ability to pay for products within 30 days or across three separate payments in a two-month period. Its platform can be used to make payments online or in physical stores, which is done through its app and scanning a QR code.
Its platform supports over 15,000 partner merchants, including regional and global banks such as SHEIN, IKEA, Jarir, Noon and H&M. It claims to have also onboarded six million customers across Saudi Arabia, UAE, Kuwait and Bahrain.
Tamara co-founder and CEO Abdulmajeed Alsukhan said, “This deal is the first of its kind in the region and a testament to the company’s performance and the team’s ability to win the trust of top-tier global financial institutions like Goldman Sachs during a difficult global macroeconomic climate.
“We believe that Goldman Sachs, with their track record in working with similar companies of our stage globally, is the ideal financing partner for Tamara. It is crucial for us to work with global and regional financial partners with strong balance sheets that have the capacity to provide incremental funding to support our vision.”
Another Saudi Arabia-based FinTech company to recently secure funding was Manafa. The company, which raised $28m for its Series A round, enables institutional investors to access SMEs financing opportunities through debt and equity securities.
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