Tamara, Saudi’s buy now pay later firm, raises $100m in a series B round

Tamara, Saudi’s buy now pay later firm, raises $100m in a series B round

Tamara, Saudi’s buy now pay later FinTech firm, raised $100m in a Series B equity round led by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF) with participation from Coatue, Shorooq Partners, Endeavor Catalyst and follow-on investment by Checkout.com.

The startup will use the fund to expand its product offering across payments and shopping in addition to launching in new markets.

“Our mission is to deliver an exceptional experience to our customers by offering transparent, seamless and inclusive payment solutions. Tamara has established itself as the trusted, reliable and sustainable local partner for any regional or global business looking to expand in Saudi Arabia and MENA,” Abdulmajeed Alsukhan, Tamara’s Co-founder and CEO, said.

Tamara was launched in September 2020 by Saudi entrepreneurs Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain, and was the first BNPL to enrol in the Saudi Central Bank (SAMA)’s Sandbox program.

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