Saudi BNPL fintech Tamara lands $340m Series C funding at $1bn valuation
Tamara, a Saudi Arabia-based fintech platform offering buy now, pay later (BNPL) services, has raised $340 million in a Series C funding round, becoming the country’s first fintech unicorn with a valuation of $1 billion.
Tamara achieves unicorn status with $340m Series C
The equity funding round was co-led by Sanabil Investments and SNB Capital, with participation from new investors including Shorooq Partners, Pinnacle Capital and Impulse joining existing backers including Coatue, Endeavor Catalyst and Checkout.com.
Founded in 2020 and headquartered in Riyadh, Tamara also operates in the UAE and Kuwait and claims to have more than 10 million users and over 30,000 partner merchants on its platform.
It claims its latest investment – which follows on from last month’s upsizing of its debt facility to $400 million – is “among the largest investments in a fintech company in the region”. The Series C brings Tamara’s total equity funding raised to date to $500 million.
Tamara says the funds from the latest round will be used to develop and launch new products and services with a view to “going beyond BNPL”, with the company eyeing a foray into shopping, payments and banking services across the Gulf Cooperation Council (GCC) region.
