- Tamara, a leading fintech platform in Saudi Arabia and the wider GCC region, secures an additional up to $250 million in debt financing.
- The new funds contribute to augmenting Tamara’s total warehouse facility to up to $400 million.
- Tamara operates with over 500 employees and has a presence in the UAE, Egypt, Germany, and Vietnam.
Tamara, a fintech platform facilitating shopping, payments, and banking in Saudi Arabia and the wider GCC region, has successfully secured an additional up to USD 250 million in debt financing, augmenting its total warehouse facility to up to USD 400 million.
This financial arrangement comprises an incremental up to $200 million of senior debt orchestrated by Goldman Sachs, elevating the overall senior warehouse facility to up to USD 350 million. Additionally, there is a further up to USD 50 million tranche led by Shorooq Partners.
The fund is strategically aimed at supporting Tamara’s sustained robust demand for its flagship Buy Now, Pay Later (BNPL) product and facilitating capital for investments into new products and services.
Stefan Marciniak, CFO of Tamara, expressed satisfaction, stating, “We are pleased to announce this significant debt financing, a testament to our excellent operational performance to date and our future growth outlook. In a challenging economic climate, we are grateful to Goldman Sachs and Shorooq Partners for their support.
“The funds will enable us to further develop our BNPL product and invest in new, innovative products and services, which will further strengthen our position as a leader in the industry,” Marciniak added.
Rajiv Shah, Head of Financing Middle East and North Africa at Goldman Sachs, commented, “GS is pleased to support Tamara with this additional debt financing in this nascent sector and provide the company with the flexibility needed to expand their product and service offerings, giving a timely boost to the marketplace.”
Nathan Kwon, Principal at Shorooq Partners, emphasized their commitment to supporting the local Saudi fintech ecosystem and expressed pleasure in strengthening their partnership with Tamara. He noted, “This financing will catalyze their growth, bolstering their product and service portfolio. The region is poised for remarkable progress, and we are excited to be a part of it.”
Tamara, headquartered in Riyadh, Saudi Arabia, is a shopping and payments platform in the region, with a mission to empower people in their daily lives by revolutionizing how they shop, pay, and bank.
Founded by serial entrepreneur Abdulmajeed Alsukhan along with Turki Bin Zarah and Abdulmohsen Al Babtain, Tamara operates with over 500 employees and has a presence in the UAE, Egypt, Germany, and Vietnam. With more than 9 million users and over 26,000 merchants, Tamara collaborates with leading global and regional brands such as SHEIN, Jarir, Noon, Ikea, H&M, Farfetch, alongside local small and medium businesses.
The company boasts backing from entities like Sanabil Investments (a wholly owned company by the Public Investment Fund), Checkout.com, Coatue, Shorooq Partners, Endeavor Catalyst, and others.
In March, Tamara raised USD 150 million as a receivables warehouse facility from Goldman Sachs.
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