Tamara, the buy now, pay later (BNPL) platform, has achieved unicorn status with a $1 billion valuation following its successful series C funding round that raised $340 million. Led by SNB Capital and the Public Investment Fund’s Sanabil Investments, this funding will propel Tamara into new realms beyond BNPL, targeting sectors such as shopping, payments, and banking across Saudi Arabia and the wider Gulf region. Established in 2020, Tamara was among the first companies to receive a permit from the Saudi Central Bank (SAMA) to provide BNPL services.
The co-founders, Abdulmajeed Al-Sukhan, Turki Bin Zarah, and Abdulmohsen Al-Babtain, express gratitude for the local support and regulatory environment that has nurtured their growth. With a presence in the UAE and Kuwait, Tamara boasts over 10 million users, 30,000 partner merchants, and reported six times annual run rate revenue growth in less than two years. The funding round saw participation from Shorooq Partners, Pinnacle Capital, Impulse, Coatue, Endeavor Catalyst, and Checkout.com, marking a significant milestone in Tamara’s journey to become a major player in the banking and financial services landscape.