Saudi payment startup Tamara has announced securing a financing package of up to $2.4 billion. The sponsors include U.S. bank Goldman Sachs, financial conglomerate Citi, and private equity funds of Apollo, managed by Apollo Global Management.
The deal was publicly presented at the Money20/20 conference in Riyadh. Under the terms of the package, Tamara will refinance and expand its previously arranged $500 million credit line.
As part of the agreement, the company will receive the first tranche of $1.4 billion, while the remaining portion — up to $1 billion — will become available over the next three years subject to subsequent approvals and conditions. Tamara emphasizes that the new structure will increase its lending capacity and help scale its product portfolio.
Tamara co-founder and CEO Abdulmajeed Alsukhan called the deal a “significant milestone” that will allow the company to move more actively toward creating a “financial super app” and to invest in the development of products and services for its customers.
Tamara is one of the largest players in the region in the buy-now-pay-later (BNPL) segment. According to the company’s own data, its platform serves more than 20 million users and works with about 87,000 merchants, including global and regional retailers. Previously, the startup raised $340 million in a Series C round in December 2023 and was valued at around $1 billion, becoming Saudi Arabia’s first fintech “unicorn.”
The new funds are expected not only to help Tamara expand its lending volumes but also to accelerate regional expansion and diversification. In recent months, the company announced strategic alliances, including a partnership with Amazon Payment Services to scale BNPL in Saudi Arabia and the UAE, and the launch of a virtual prepaid card in collaboration with Mastercard in the UAE. These initiatives aim to broaden Tamara’s presence in both online and offline spaces.
The financing is also seen in the context of national strategy: Tamara highlights its alignment with the Vision 2030 initiatives and the goals of the Financial Sector Development Program (FSDP) to attract investment and develop cashless services. In addition, the company has received a license from the Saudi Central Bank (SAMA) to provide consumer financing and BNPL services, expanding its regulatory framework for growth within the Kingdom.
Analysts note that the involvement of major international lenders and funds signals growing global capital interest in the MENA market and its fintech leaders. At the same time, Tamara continues to operate in a competitive environment: other BNPL players (including Tabby) as well as global payment providers are active in the region, meaning the company’s further growth will depend on its ability to manage credit risks, maintain regulatory compliance, and develop products without undermining profitability.
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