Buy now, pay later startup Tamara has become Saudi Arabia's first home-grown fintech unicorn with a $340 million funding round.
The round was co-led by SNB Capital and Sanabil Investments, with participation from Shorooq Partners, Pinnacle Capital, and Impulse, in addition to existing investors such as Coatue, Endeavor Catalyst and Checkout.com.
It follows the completion last month of an additional $250 million in debt financing
With this transaction, Tamara will have raised a total of $500 million in equity funding, and well above $400M in debt financing since its inception in late 2020.
Launched in 2020, the company now counts more than 10 million users and 30,000 merchant partners in a rapidly growing market segment.
Abdulmajeed Alsukhan, co-founder, and CEO of Tamara says: “Saudi Arabia deserves its place on the world stage for financial technology. As we set our sights on becoming the next big giant in shopping, payments and banking we remain ever grateful for the significant opportunity in this underpenetrated and underserved banking and financial services landscape.”
He believes future opportunities for growth are significant with the fintech sector booming across the region and current lending potential underserved.