• Tamara secured a Shari’ah-compliant asset-backed facility of up to USD 2.4B, backed by Goldman Sachs, Citi, and Apollo.
• The deal includes an initial USD 1.4B plus USD 1B over three years, refinancing a prior USD 500M facility.
• Funding will expand Tamara’s credit and payment products, boost lending power, and support growth beyond 20M customers across the region.

Tamara

Saudi’s fintech unicorn, Tamara, secured a Shari’ah-compliant asset backed facility of up to USD 2,4 billion. This is with backing from major financial institutions including Goldman Sachs, Citi and Apollo funds. This deal was announced during the Money 20/20 Middle East Conference in Riyadh, 

The deal includes an initial USD 1.4 billion with an additional USD 1 billion available for a three-year period, pending further approvals. Additionally, the transaction fully refinances and upsizes a prior USD 500 million asset-backed facility arranged by Goldman Sachs. 

This comes after Tamara raised USD 340 million in its Series C funding round in December 2023.

Payment Products

Up next, with the funding it aims to support the expansion of its credit and payment products to meet customer needs. The facility reflects its commitment to localised investment practices, aiming for sustainable growth within the regional ecosystem.Additionally, it aims to increase its lending power and aid the platform in increasing beyond its current 20 million customers.

“This landmark facility with our global financing partners accelerates our growth trajectory, empowering us to invest further in building the most customer-centric financial super-app on earth,” said Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara. .

This is in alignment with Saudi’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. This is through attracting support from local and global financial institutions and fostering Saudi as a hub for inward investment.