Saudi BNPL firm Tamara lands $150m debt facility from Goldman Sachs
Saudi Arabian buy now, pay later (BNPL) provider Tamara has landed a $150 million debt financing round from Goldman Sachs.
This latest round brings Tamara’s total funding in equity and debt up to $366 million since its launch in September 2020.
Tamara says the receivables warehouse facility will help it finance the accelerating demand for its flagship BNPL product and continue its growth across new verticals.
Tamara CEO and co-founder Abdulmajeed Alsukhan says the Goldman deal “is the first of its kind in the region” and a testament to the company’s performance.
“It is crucial for us to work with global and regional financial partners with strong balance sheets that have the capacity to provide incremental funding to support our vision,” Alsukhan says.
The CEO says the firm intends to build out its offering outside of BNPL, across retail, payments and banking, as it sees a “much deeper demand” that it can fulfil with its technology.
Last summer, the firm raised $100 million in a Series B round led by Sanabil Investments, a portfolio company of Saudi Arabia’s Public Investment Fund (PIF).
Tamara has onboarded six million customers since its launch two-and-a-half years ago across Saudi Arabia, its home market, followed by neighbouring Gulf Cooperation Council (GCC) countries UAE, Kuwait and Bahrain.