Tamara, a shopping and payments platform in Saudi Arabia and the wider GCC region, closed a receivables warehouse facility of up to $150 million from Goldman Sachs.

This facility will help Tamara finance the accelerating demand for its flagship BNPL product and continue its growth across new verticals. 

“This deal is the first of its kind in the region and a testament to the company’s performance and the team’s ability to win the trust of top-tier global financial institutions like Goldman Sachs during a difficult global macroeconomic climate. We believe that Goldman Sachs, with their track record in working with similar companies of our stage globally, is the ideal financing partner for Tamara. It is crucial for us to work with global and regional financial partners with strong balance sheets that have the capacity to provide incremental funding to support our vision,” Abdulmajeed Alsukhan, Co-founder and CEO of Tamara, said.

The startup was founded in 2020 and acts as a commerce enabler for over 15,000 partner merchants who are offering products and services online and in-store. These partners include regional and global brands such as SHEIN, IKEA, Jarir, Noon and H&M as well as local small and medium businesses.