Saudi Arabia Corporation Tamara Secures $100 Million in its Series B Funding

August 24, 2022

Tamara, a Saudi Arabia-based supplier of buy now, pay later, has obtained $100 million in Series B financing headed by Sanabil Investments.

Areej M Alturki
Areej M Alturki
Founder, Nakla

KSA’s BNPL platform Tamara in its Series B equity round has raised $100M from Sanabil Investments in addition to worldwide investment manager Coatue. Three Saudi entrepreneurs, namely Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Albabtain, created Tamara in 2020. The round takes the startup's total financing to more than $215 million.

The cash will be used by the business to expand its service range across transactions and commerce, as well as to debut in other areas. 

"Our objective is to provide our consumers with an amazing experience by providing fair, frictionless, and all-inclusive payment alternatives." Tamara has positioned itself as the trustworthy, competent, and long-term local company for any provincial or worldwide firm wishing to develop in Saudi Arabia and the Middle East and North Africa," stated Abdulmajeed Alsukhan, Tamara's Co-founder and CEO.

Companies like Shorooq Partners, Endeavor Catalyst, and Checkout.com were the prominent players in the Series B funding. They were also the ones who were involved in the organization’s Series A round. 

Last year, the firm managed to get $110 million in its Series A round. It turned out to be the biggest amount that any Fintech raised in their first round in the MENA region.

Tamara's Sharia-compliant approach, available through straight API connection or extensions, allows customers to pay in 3 consecutive installments or within 30 days of purchasing.

The firm, founded in September 2020, has three million consumers and over 4,000 retail partners, namely IKEA, SHEIN, Adidas, Namshi, and Jarir. It was the foremost BNPL to join the Sandbox initiative of the Saudi Central Bank.

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