Tamara raised fresh asset-backed funding facility from major financial institutions, including Goldman Sachs, Citi, and Apollo funds.
The deal between Tamara and its notable backers, unveiled during the Money 20/20 Middle East conference in Riyadh, is one of the largest of its kind in the region.
The facility includes an initial $1.4 billion, with an additional $1 billion available over the next three years pending further approvals. It refinances and significantly expands on a previous $500 million facility arranged by Goldman Sachs.
The funding will support Tamara’s plans to grow beyond its existing buy-now-pay-later (BNPL) offerings, with a focus on developing new credit and payment products. The company, which has more than 20 million customers and partnerships with over 87,000 merchants, says the capital will strengthen its lending capacity and support its long-term expansion goals.
Founded in 2020, Tamara became Saudi Arabia’s first fintech unicorn after raising $340 million in a Series C funding round in December 2023. Earlier the same year, the startup secured $150 million in debt financing for its shopping and payments platform.
The company has positioned itself as a leading player in the Gulf region’s financial technology sector, offering flexible payment solutions with major retailers and online platforms including Apple, SHEIN, Jarir, IKEA, noon, and Amazon.
At the same time, while BNPL helped Tamara scale fast, adding credit, payments and other services spreads risk, raises revenue per customer, and helps the business adopt more sustainable business model, able to survive tougher competition and potential regulation pressures.
The latest transaction also reflects Saudi Arabia’s broader financial development agenda under Vision 2030, which aims to deepen capital markets, attract global investment, and expand private sector participation. Industry analysts note that large-scale financing deals of this nature highlight the increasing role of fintech in the Kingdom’s efforts to diversify its economy and strengthen its financial infrastructure.
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