Tamara financing deal has marked a major milestone for Saudi Arabia’s leading buy-now-pay-later platform. The company announced an asset-backed financing facility worth up to $2.4 billion during the Money20/20 event in Riyadh. This agreement underscores investor confidence in Tamara’s business model and the strength of the regional fintech sector.
According to Tamara, the facility significantly expands a previous $500 million arrangement led by Goldman Sachs. It will enable the company to accelerate its strategy and enhance its presence in credit and payment products. Executives said the structure includes an initial $1.4 billion commitment, followed by an additional $1 billion over three years, subject to approvals.
The Shariah-compliant package is supported by global financial institutions, including Goldman Sachs, Citi, and Apollo-managed funds. Leaders emphasized that the transaction reflects the appeal of Saudi fintech opportunities to large international investors. It also demonstrates the company’s ability to attract long-term funding at scale.
Abdulmajeed Al-Sukhan, Tamara’s co-founder and chief executive, described the financing as transformative. He stated that the agreement empowers the firm to build a customer-focused financial super-app serving millions across the Gulf region. Furthermore, he highlighted the importance of maintaining innovation while ensuring compliance with Saudi regulations and global standards.
Tamara, the Kingdom’s first fintech unicorn, already serves more than 20 million users. It works with over 87,000 merchants, including global brands such as Apple, IKEA, and Amazon. The company grew rapidly after closing a $340 million Series C round in late 2023, positioning itself as a leader in the Gulf’s digital payments landscape.
Officials noted that the financing aligns with Saudi Arabia’s Vision 2030 and the Financial Sector Development Program. By increasing access to credit and supporting merchant growth, the facility contributes to private-sector expansion and capital-market development. It also reinforces the Kingdom’s ambition to become a global fintech hub.
Looking ahead, analysts expect the Tamara financing deal to fuel product diversification and regional expansion. Market observers believe the additional resources will help strengthen lending capacity and improve services for both merchants and consumers. With solid backing from international partners, Tamara is well positioned to extend its leadership in the fast-growing fintech ecosystem.
