Saudi-based fintech payment platform Tamara is expanding its network to the UAE.
Shoppers across the UAE can now use the start-up’s buy-now-pay-later scheme when shopping at Namshi, SHEIN, STYLI, Fitness Time, Faces and Swarovski.
Using the Tamara mobile application, customers can purchase products and repay the full amount in installments.
“Dubai is the natural second home for Tamara,” said Abdulmajeed Alshukhan, CEO and co-founder of Tamara.
“The city is a global outpost for innovation, especially in financial technology, and has proven in the past few years its resilience and leadership in unpredictable economic conditions.”
The company hopes to partner with more retailers.
“Given the strong market potential and current growth rates, we anticipate signing up 1,000 merchants here by the end of the year,” said Mr Alshukhan.
The UAE was deemed a market with significant potential for financial technology by the Middle East and North Africa FinTech Association, with non-cash payments estimated to account for 70 per cent of purchase transactions by the end of next year.
Twenty-one per cent of consumers in the country have already used buy-now-pay-later schemes, with more than 31 per cent intending to do so in the next 12 months, according to analysis of consumer habits across the Middle East by global payment platform Checkout.com.
Checkout.com was the primary investor in Tamara’s Series A funding round, amounting to $110 million.
“Tamara’s buy-now-pay-later model offers Sharia-compliant finance to consumers, allowing them to receive a good or product before paying for it,” said Remo Abbondandolo, SVP of Checkout.com’s Middle East and North Africa division.
“As a result, Tamara is perfectly placed to serve the UAE market and support the growth of its thriving e-commerce landscape.”
Tamara now caters to shoppers across the UAE and Saudi Arabia, making both in-store and online purchases, and is partnered with more than 3,500 merchants across the GCC.
