Saudi Fintech Tamara Secure $2.4 Billion in Funding

Tamara, the first homegrown Saudi fintech unicorn, has secured the largest asset-backed facility of its kind in the region of up to $2.4 billion from major financial institutions, including Goldman Sachs, Citi and Apollo funds. This transaction fully refinances and upsizes a prior $500 million asset-backed facility arranged by Goldman Sachs.

The deal, which was announced during Money 20/20 Middle East conference in Saudi Arabia, includes an initial $1.4 billion with an additional $1 billion available for a three-year period, pending further approvals. The funding is aimed at supporting Tamara’s vision to expand into new credit and payment products.

Tamara Co-founder and CEO Abdulmajeed Alsukhan said that this landmark facility with their global financing partners accelerates Tamara’s growth trajectory, empowering them to invest further in building the most customer-centric financial super-app on earth.

He also said that the milestone brings them us one step closer to helping people own their dreams.

The new capital is aimed at supporting the company’s product diversification, including new credit and payment offerings. The facility also reflects a strategic commitment by Tamara and its financing partners to localised investment practices, aiming for sustainable growth within the regional ecosystem.

Increasing Lending Power

The asset-backed facility will increase Tamara’s lending power and help the platform grow well beyond its current 20 million customers while aligning with the success pillars of KSA’s Vision 2030 and the nation’s Financial Sector Development Program (FSDP) of enabling financial institutions to support private sector growth. Moreover, it is also set to promote the program’s objective of advancing capital markets by attracting more support from local and global financial institutions and validating Saudi Arabia as a hub for inward investment. 

Overall, the transaction builds on the capabilities of Tamara as the Kingdom’s first homegrown fintech unicorn since raising $340 million in its Series C funding round in December 2023. Tamara has grown its customer base to over 20 million, enabling transactions at more than 87,000 merchants, with plans for further regional expansion.

Leading Fintech Platform

Tamara is the leading fintech platform in Saudi Arabia and the wider GCC region, with a mission to help people own their dreams by building the most customer-centric financial super-app on earth. The company serves more than 20 million customers in the region and partners with leading global and regional brands such as Apple, SHEIN, Jarir, noon, IKEA, and Amazon, as well as small and medium businesses.

Tamara is Saudi Arabia’s first fintech unicorn and is backed by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), SNB Capital, amongst others. The company operates from its headquarters in Riyadh, with additional regional and global support offices.