Tamara scores MENA’s largest Series A round with $110m investment
Saudi Arabian Buy Now Pay Later (BNPL) provider Tamara has secured $110 million in a Series A round led by Checkout.com.
This is the largest Series A round for a fintech in the Middle East and North Africa (MENA). Tamara will use the funds to increase its workforce and meet its ambition to drive expansion across all GCC markets by the end of the year.
Since becoming the first BNPL company to enrol in the Saudi Central Bank’s Sandbox programme last year, Tamara has raised a record $6 million in seed funding. The fintech has also seen its user base grow by around 180% month on month on average, over the last six months.
“Tamara was born to make a change,” says co-founder and CEO, Abdulmajeed Alsukhan. “The region and the world need payment solutions that are transparent and customer-oriented. At Tamara, we offer our customers an alternative to credit cards and Cash on Delivery (COD), which enhances their shopping experience.
“Our solution also increases our merchant partners’ efficiency as well as their customer satisfaction. This transaction is only the beginning of our journey and a great sign that we are on the right track.”
Tamara’s Sharia-compliant solution, accessible via direct API integration or plugins, offers consumers the option to play in three instalments or 30 days after purchase.
According to estimates by Visa, the MENA e-commerce sector will be valued at $49 billion by 2022.