{"id":18261,"date":"2022-08-23T15:19:17","date_gmt":"2022-08-23T15:19:17","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=18261"},"modified":"2022-08-24T08:47:14","modified_gmt":"2022-08-24T08:47:14","slug":"tamara-raises-100-million-in-funding-for-expansion-plans","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/08\/23\/tamara-raises-100-million-in-funding-for-expansion-plans\/","title":{"rendered":"Tamara raises $100 million in funding for expansion plans"},"content":{"rendered":"


\nSaudi-based buy-now-pay-later platform Tamara <\/a>has secured $100 million in a Series B funding round to continue its expansion across the region.<\/p>\n

Sanabil Investments, supported by Saudi Arabia\u2019s sovereign wealth fund, led the investment round alongside Coatue, Shorooq Partners, Endeavour Catalyst and global payment platform Checkout.com<\/em>.<\/p>\n

The platform began its expansion in June, offering its services to consumers across the UAE<\/a>.<\/p>\n

With the investment, Tamara is also considering a listing on Saudi Arabia\u2019s financial market and other regional markets in the future.<\/p>\n

\u201cOur mission is to deliver an exceptional experience to our customers by offering transparent, seamless and inclusive payment solutions,\u201d said Abdulmajeed Alsukhan, co-founder and CEO of Tamara.<\/p>\n

\u201cTamara 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.<\/p>\n

\u201cWe act as a marketing and discovery channel for our partner merchants to drive new customers and incremental sales online and in-store.\u201d<\/p>\n

Founded in 2020, Tamara was the first buy-now-pay-later<\/a> platform to enrol in Saudi Central Bank\u2019s Sandbox programme, which invites fintech companies to support the kingdom\u2019s digital transformation.<\/p>\n

Retailers partnered with the platform have seen a 40 per cent increase in average order value, a 15 per cent rise in conversion, 20 per cent reduction in cash-on-delivery orders and fewer order returns, said Tamara.<\/p>\n

\u201cTamara\u2019s exceptional growth while maintaining healthy unit economics speaks volumes about what the team has achieved so far,\u201d said Sanabil Investments.<\/p>\n

\u201cWe at Sanabil back industry disruptors and transformers and in Tamara, we found a team that has the qualities to transform huge industries such as financial services and shopping in the region and beyond.\u201d<\/p>\n

To date, Tamara has received $216 million in equity and debt investments and expects to be profitable by the end of next year, Mr Alsukhan told Khaleej Times<\/em>.<\/p>\n

The platform has entertained more than three million shoppers across the UAE and Saudi Arabia and is partnered with more than 4,000 merchants across the region, including Namshi, SHEIN, STYLI, Fitness Time, Faces, Swarovski, Adidas, IKEA and Jarir.<\/p>\n

\u201cTamara has emerged as the payment method of choice for millions of consumers across the region,\u201d said Remo Giovanni Abbondandolo, vice president of Checkout.com<\/em>\u2019s Middle East and North Africa division.<\/p>\n

\u201cAs the leading payments provider in Middle East and North Africa, Checkout.com\u2019s investment demonstrates our belief in Tamara\u2019s exceptional team and our commitment to supporting digital growth in the region.<\/p>\n

\u201cAs such, Checkout.com will also serve Tamara as a payment method to our merchants \u2013 to compound growth in one of the fastest-growing markets globally.\u201d<\/p>\n

By the end of the year, 50 per cent of consumers in the region are expected to use buy-now-pay-later services, according to reports by global payment platform Checkout.com<\/em>.<\/p>\n

Reports also found that buy-now-pay-later services were most popular in the UAE, with 31 per cent of consumers interested in such platforms.<\/p>\n

Saudi Arabia was ranked a close second, with 27 per cent of its consumers interested, followed by 26 per cent of consumers in Kuwait and 18 per cent of consumers in Bahrain.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi-based BNPL application receives $100 million in Series B funding round led by Sanabil Investments. <\/p>\n","protected":false},"author":39,"featured_media":18284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1],"tags":[2734,2683,4174,3966],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18261"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=18261"}],"version-history":[{"count":4,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18261\/revisions"}],"predecessor-version":[{"id":18266,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18261\/revisions\/18266"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/18284"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=18261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=18261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=18261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}