Saudi Arabian Fintech Startup Tamara Raises $100 Million Series B

Tamara, a fintech startup based in Saudi Arabia, has raised a $100 million Series B equity round led by Sanabil Investments, with participation from Coatue, Shorooq Partners, Endeavor Catalyst and existing investor Checkout.com.

Founded in 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain, Tamara offers customers buy-now pay-later (BNPL) financing solutions, allowing them to make purchases in installments.

“Our mission is to deliver an exceptional experience to our customers by offering transparent, seamless and inclusive payment solutions,” Alsukhan tells StartupScene. “Tamara has established itself as the trusted, reliable and sustainable local partner for any regional or global business looking to expand in Saudi Arabia and MENA.”

To date, the company has more than three million customers, and over 4,000 partner merchants including leading brands like IKEA, Shein, Adidas and Namshi. The funding will be used to expand into new markets and provide new products and services. This round brings the total investment raised by the startup to over $215 million.

Fintech has been a booming sector for startups this year in the MENAP region. In H1 2022, fintech witnessed a 223% YoY growth in funding, raising $1.5 billion, according to Magnitt’s Fintech H1 2022 Venture Investment Report. Some startups in the region driving this growth include UAE’s Tabby, raising $150 million; Egypt’s Paymob raising $50 million; and Saudi Arabia’s Hyperpay raising $36.7 million.