Saudi Arabia’s payment platform – Tamara, has secured $150 million debt financing from Goldman Sachs in regional first. The equity brings the company’s total funding up to $366 million since its launch in 2020.
The debt financing was received through a warehouse facility which will help Tamara finance the accelerating demand for its flagship BNPL product and continue growth.
“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,” said Abdulmajeed Alsukhan, Co-founder and CEO of Tamara.
“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.
“Providing excellent products and services to our customers across shopping, payments and banking is at the core of Tamara. The team has shown the ability to scale a complex B2B and B2C business model, and BNPL is just an initial offering. We see a much deeper demand that we can fulfill with the same technology and customer-first approach,” he added.
Tamara has onboarded six million customers since its launch across Saudi Arabia followed by UAE, Kuwait and Bahrain.
The company provides services for partners including SHEIN, IKEA, Noon and H&M.
Saudi Arabia and the wider GCC continue to exhibit strong growth despite economic slowdown with a population heavily skewed towards the youth, over 70 percent.
Follow us on
