Tamara, the Saudi Arabia-based Buy Now, Pay Later startup has announced the closing of a $6 million Seed funding round, led by Impact46. The round also included participation from leading local and regional investors: Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala, and Nama, in addition to multiple family offices.
The round is considered to be the largest Seed investment in Saudi Arabia.
Tamara is a fintech platform that aims to enable e-stores and retail companies to exchange cash on delivery, to help them overcome the challenges they face. Since joining SAMA’s Fintech Sandbox, Tamara has been rapidly growing and operating officially in the Kingdom.
As a young startup, Tamara has collaborated with several leading merchants in the region, including Namshi, Whites, Floward, Saif Gallery, Toys R Us, in addition to E-commerce enablers, Salla and Zid who have successfully incorporated Tamara’s solution.
Since its founding by serial entrepreneur Abdulmajeed Alsukhan and his partners Turki Bin Zarah and Abdulmohsen Albabtain, who have experience at leading global companies, the three founders fueled the company’s growth by expanding across borders, establishing offices in Germany, UAE, and Vietnam.
Abdulmajeed Alsukhan, Co-founder and CEO commented, “We enable merchants to grow their sales and entice their customers with our Buy-Now-Pay-Later and installment services that do not include any fees the customer has to pay. We strongly believe Tamara will be a game-changer for both merchants and customers. It will positively re-shape the purchasing power in the market.”
Abdulaziz Alomran, CEO of Impact46 added, “The Fintech market is expected to reach $33B in transaction value by 2023. We believe that Buy Now Pay Later is an untapped area in this huge market, and we are proud to support the Saudi pioneers leading Tamara who will surely play a major role in the transformation and future of financial services in KSA & GCC.”
The new funding round aims to back Tamara’s growth and operations in Saudi Arabia and the United Arab Emirates.
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