Saudi Arabian fintech firm, Tamara, has secured a debt facility of up to $150 million from US investment bank, Goldman Sachs, despite current challenging global macroeconomic conditions. This latest funding round takes Tamara’s total funding in equity and debt to $366 million since its launch in September 2020, according to a statement from the startup.
The facility, which is the first of its kind in the region, will help finance the rising demand for Tamara’s flagship buy-now-pay-later (BNPL) product and drive growth across new verticals. Since its launch, Tamara has onboarded six million customers in Saudi Arabia, UAE, Kuwait and Bahrain.
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Abdulmajeed Alsukhan, co-founder and CEO of Tamara, said that the company has demonstrated the ability to scale a complex business-to-business and business-to-consumer business model and that BNPL is just the initial offering. Tamara acts as a commerce enabler for over 15,000 partner merchants, including both regional and global brands such as SHEIN, IKEA, Jarir, Noon and H&M.
Tamara is targeting millennials and Gen Z, as around 70% of the GCC population are young and tech-savvy.