Saudi-based fintech Tamara raises $100 million in Series B

Oluwajuwonlo Afolabi -

Tamara, a fintech startup based in Saudi Arabia has raised $100 million in its Series B funding round from Sanabil Investments, Shurooq Partners, Endeavour Catalyst, and Checkout.com, an existing investor.

  • The funds will be used to launch new products and services in fintech and expand its operations into new markets, the startup claims.
  • Founded in 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Albabtain, Saudi entrepreneurs, Tamara is a payment solution startup enabling buy-now-pay-later (BNPL) in the Middle East and North African region (MENA).
  • Since its launch, it has 10xed its revenue year-on-year, attracted 3 million customers, and engaged with over 4,000 merchant partners at regional and global levels, including IKEA, SHEIN, Adidas, Namshi, and Jarir among others.
  • The fintech raised a $6 million seed funding in 2021 followed by a $110 Series A funding led by Checkout.com. It has now raised $216 million in total funding since launch, in a mixture of equity and debt financing.