Saudi BNPL provider Tamara has secured a receivables warehouse facility of up to $150 million from US investment bank Goldman Sachs, bringing the firm’s total funding in equity and debt to $366 million since its launch in 2020.
The fintech platform said the facility would serve to finance the surging demand for BNPL products in the GCC region and assist its growth across new verticals.
Co-founder and CEO of Tamara, Abdulmajeed Alsukhan, said: “We believe that Goldman Sachs, with their track record in working with similar companies of our stage globally, is the ideal financing partner for Tamara.”
Mr Alsukhan also underscored the importance of collaborating with global and regional financial partners with strong balance sheets that can provide incremental funding to bolster its growth.
Riyadh-based Tamara is one of the largest BNPL providers in the region having onboarded six million customers over the past three years across Saudi Arabia, its home market, the UAE, Kuwait and Bahrain.
The fintech firm facilitates payments for thousands of more than 15,000 partner merchants including regional and global brands such as SHEIN, IKEA, Jarir, Noon and H&M.
Tamara has a global workforce of more than 350 employees spread across its offices in Saudi Arabia, the UAE, Egypt, Germany and Vietnam.
The startup continues to see significant potential for growth in the Middle East region, where credit card usage lags behind more mature markets.
The fintech startup raised $100m from investors including Sanabil Investments, which is owned by Saudi wealth fund Public Investment Fund, Coatue, Shurooq Partners, Endeavor Catalyst and existing investor Checkout.com.
Tabby raised $58m in a Series C funding round that was led by Sequoia Capital India and had the participation of investors including PayPal Ventures and Mubadala Investment Capital.
