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Tamara, a leading 'buy now, pay later' fintech in Saudi Arabia, has raised a landmark $340 million in its Series C funding round, boosting its valuation to $1 billion. The round, led by SNB Capital and Sanabil Investments, marks a significant milestone in the region's fintech sector. Having attracted over 10 million users, Tamara demonstrates the rapid growth of BNPL services in the Gulf, particularly in Saudi Arabia.

Tamara, a Saudi Arabian fintech specializing in 'buy now, pay later' services, has recently secured a $340 million investment in its Series C round, elevating its valuation to $1 billion. Leading the funding round were Saudi asset manager SNB Capital and Sanabil Investments, under Saudi’s sovereign wealth fund Public Investment Fund (PIF). This round, a mix of primary capital and secondary shares, marks one of the largest fintech investments in the region.

The funding follows Tamara's previous debt financing from Goldman Sachs and Shorooq Partners, boosting its total equity funding to $500 million and over $400 million in debt financing. Founded in late 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al Babtain, Tamara now boasts over 10 million users across Saudi Arabia, the UAE, and Kuwait, partnering with 30,000 merchants.

Tamara and its regional competitor, Tabby, highlight the explosive growth of BNPL services in Saudi Arabia, where both companies derive over 80% of their customer base. According to a Saudi Central Bank report, BNPL registered users in the country soared from 76,000 in 2020 to 10 million in 2022, driven by rising e-commerce and digital payment trends.

Despite a global dip in venture capital activity, the Gulf region continues to attract significant investments, with Tamara's latest funding underscoring the region's capacity to nurture billion-dollar companies. Alsukhan stresses that Tamara's success is a testament to the supportive regional ecosystem for fintech innovation.

Operating with over 500 employees across Riyadh, Dubai, Berlin, and Ho Chi Minh City, Tamara was the first to receive a BNPL permit from the Saudi Central Bank. The company plans to eliminate late payment fees, aligning with Sharia principles and focusing on customer-centric risk management tools.

Tamara's primary revenue comes from merchant discount rates, and the company is exploring additional revenue streams while enhancing its online protection program and offline merchant integration. The investment led by SNB Capital aligns with Saudi Arabia's Vision 2030, aiming to support fintech development and infrastructure growth in the region.


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Unified internal tooling platform

Video creation mobile experiences for children

Affordable housing platform

Activation through interactive 3D & AR

Interactive brandbook for web

Digitally presenting one of the leading tech VC worldwide

Promotional campaign via a location-based web experience

Unified internal tooling platform

Video creation mobile experiences for children

Affordable housing platform

Activation through interactive 3D & AR

Interactive brandbook for web

Digitally presenting one of the leading tech VC worldwide

Promotional campaign via a location-based web experience

Awareness campaign via web-to-social-media interactions

Simplifying banking end-user processes through digital means

A unique social platform for Asian markets

New investments digital promotion and sales enablement

In-store product customization experience

Best-in-culture curated video digital platform

Awareness campaign via web-to-social-media interactions

Simplifying banking end-user processes through digital means

A unique social platform for Asian markets

New investments digital promotion and sales enablement

In-store product customization experience

Best-in-culture curated video digital platform

VOIP native mobile experiences

One-of-a-kind puppet theater creation mobile experience

Insurtech platform with realtime car data

Viral realtime videos via web for Breast Cancer Awareness Month

Interactive in-store tablet catalogs

New console ux & interactions, e-commerce

Award-winning educational VR Safari

VOIP native mobile experiences

One-of-a-kind puppet theater creation mobile experience

Insurtech platform with realtime car data

Viral realtime videos via web for Breast Cancer Awareness Month

Interactive in-store tablet catalogs

New console ux & interactions, e-commerce

Award-winning educational VR Safari

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