Saudi BNPL firm Tamara raises $100m Series B
Saudi Arabian buy now, pay later (BNPL) provider Tamara has raised $100 million in a Series B round led by Sanabil Investments, a portfolio company of Saudi Arabia’s Public Investment Fund (PIF).
The latest raise brings the fintech’s total funding to date to $216 million in equity and debt.
The Series B also saw participation from Shorooq Partners, Coatue, Endeavor Catalyst and Checkout.com, which led the firm’s Series A round.
In April last year, the fintech secured $110 million in its Series A round, the largest Series A round for a fintech in the Middle East and North Africa (MENA) region.
Tamara’s Sharia-compliant solution, accessible via direct API integration or plugins, offers consumers the option to pay in three instalments or 30 days after purchase.
Launched in September 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain, the company has three million customers and more than 4,000 merchant partners including the likes of IKEA, SHEIN, Adidas, Namshi and Jarir.
The firm says it will use the new funds to fuel its growth into new markets and expand its product offering across payments and shopping.
Saudi Arabia’s PIF is among the largest sovereign wealth funds in the world with total estimated assets of $620 billion.