Tamara, the Kingdom’s first homegrown fintech unicorn, has closed a landmark deal to secure an asset-backed facility of up to $2.4 billion. The financing package is supported by global heavyweights Goldman Sachs, Citi, and Apollo funds, making it the largest facility of its kind in the region.
A Major Step in Tamara’s Growth Journey
The deal refinances and significantly expands a previous $500 million facility arranged by Goldman Sachs. The new structure includes:
- $1.4 billion upfront funding, already available for deployment.
- An additional $1 billion accessible over the next three years, pending approvals.
This development underscores the strong confidence international investors have in the company’s model and its role in driving financial innovation across the Middle East.
Strategic Focus of the Funding
Tamara plans to channel this capital into expanding its services and capabilities. Key areas of investment include:
- New credit products tailored for individuals and businesses.
- Innovative payment solutions that simplify transactions.
- Regional expansion to scale beyond its home market.
- Technology and infrastructure upgrades to support rapid growth.
The facility also enhances Tamara’s lending power, enabling it to serve far more than its current base of 20 million customers.
Alignment with Saudi Vision 2030
Tamara’s growth strategy closely supports the Kingdom’s Vision 2030 and the Financial Sector Development Program (FSDP). These national initiatives emphasize:
- Increasing SME contributions to GDP.
- Building a more diversified and resilient economy.
- Attracting foreign investment into Saudi Arabia’s capital markets.
By partnering with major global institutions, Tamara is positioning itself not only as a fintech leader but also as a catalyst for the Kingdom’s economic transformation.
A Track Record of Rapid Growth
Founded in 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Albabtain, Tamara quickly rose to prominence through its Buy Now, Pay Later (BNPL) services.
Highlights of its journey include:
- Reaching over 20 million customers.
- Partnering with 87,000 merchants across retail, travel, and services.
- Raising $340 million in Series C funding in late 2023 at a valuation exceeding $1 billion.
This new facility builds on that momentum, providing Tamara with the firepower to move closer to its goal of becoming a comprehensive financial super-app.
Looking Ahead
CEO Abdulmajeed Alsukhan described the deal as a milestone that accelerates the company’s mission. “This facility allows us to invest in building the most customer-centric financial super-app on earth. It brings us one step closer to helping people own their dreams,” he said.
With strong global backing, proven customer adoption, and alignment with national priorities, Tamara is set to play a defining role in shaping the future of finance in Saudi Arabia and beyond.