Saudi Arabia’s homegrown fintech unicorn Tamara has secured a landmark $2.4 billion Shari’ah-compliant asset-backed financing facility from Goldman Sachs, Citi, and Apollo funds, making it one of the largest deals of its kind in the region.
The deal, announced at the Money 20/20 Middle East conference, restructures and increases a prior $500 million deal with Goldman Sachs. It carries a first tranche of $1.4 billion, with a further $1 billion to be had over the next three years, conditional on approvals.
The investment will finance Tamara's growth in credit and payment services for its 20 million customers and more than 87,000 merchants. Abdulmajeed Alsukhan, Tamara's Co-Founder and CEO, stated the transaction "further accelerates our growth journey and brings us closer to creating the most customer-first financial super-app on the planet.
The transaction is also in line with Saudi Arabia's Vision 2030 and Financial Sector Development Program aimed at enhancing capital markets, improving private sector growth, and attracting local and foreign investment.
Ever since it raised $340 million for its Series C in December 2023, Tamara has established itself as a top fintech company in the Middle East. The firm's hit "buy now, pay later" offerings have revolutionized retail financing in the country, providing shoppers with attractive payment terms to millions of consumers.
With this new facility, Tamara is expected to enhance its lending capacity and push ahead with regional expansion, further solidifying its role as a cornerstone of Saudi Arabia’s growing fintech sector.
