Tamara, a buy now pay later platform for consumers in Saudi Arabia and the wider GCC region, has raised $340 million.
In brief:
-Tamara received debt financing from Goldman Sachs and Shorooq Partners to upsize its warehouse facility to $400 million.
- Tamara has raised a total of $500 million in equity funding, including secondaries, and over $400 million in debt financing since Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Al Babtain started the company in late 2020.
- Tamara will also look to double down on other initiatives embodying its customer-centric principle, including introducing its Buyer Protection Program this month.
What does this mean?
“Saudi Arabia and the GCC deserve its place on the world stage for financial technology. Just as Tamara was created by local entrepreneurs nurtured by a supportive local ecosystem and market regulator, we stand here today, humbled and hungry, ready for our leapfrog moment. This achievement is a testament to the ecosystem, to our incredible team, investors, and the collaborative spirit that makes this region a great place for talent to flourish,” said Tamara CEO Alsukhan in a statement.
Read more here.
