RIYADH: Saudi Arabia’s buy-now-pay-later platform Tamara has announced a new asset-backed financing facility of up to $2.4 billion in a landmark deal.
The transaction, unveiled at the Money20/20 conference in Saudi Arabia, upsizes a previous $500 million facility arranged by Goldman Sachs, underscoring strong investor confidence in Tamara’s growth and the regional fintech market.
According to a press release, the Shariah-compliant facility is backed by a consortium of global financial heavyweights, including Goldman Sachs, Citi, and funds managed by Apollo, and will be used to help the company expand into new credit and payment products.
Tamara is the Kingdom’s first fintech unicorn and offers payment solutions to over 20 million customers. It is backed by investors including Sanabil Investments, a wholly-owned company of the Public Investment Fund, and SNB Capital.
Abdulmajeed Al-Sukhan, co-founder and CEO of Tamara, hailed the deal as a pivotal moment for the company, adding: “This landmark facility with our global financing partners accelerates our growth trajectory, empowering us to invest further in building the most customer-centric financial super-app on earth.”
