Saudi fintech Tamara secures massive $2.4 billion Shari’ah-compliant financing

Dubai: Tamara, Saudi Arabia’s first homegrown fintech unicorn, has secured an asset-backed facility of up to $2.4 billion from Goldman Sachs, Citi, and Apollo funds. The deal, announced at the Money 20/20 Middle East conference, is one of the largest of its kind in the region.

The new facility refinances and expands a previous $500 million arrangement with Goldman Sachs. It provides an initial $1.4 billion, with an additional $1 billion available over three years, subject to approvals.

The funding will allow Tamara to expand its credit and payment offerings, enhancing services for its 20 million customers and more than 87,000 merchants. Abdulmajeed Alsukhan, Co-Founder and CEO, said the deal “accelerates our growth trajectory and brings us closer to building the most customer-centric financial super-app on earth.”

The transaction aligns with Saudi Arabia’s Vision 2030 and the Financial Sector Development Program by supporting private sector growth, strengthening capital markets, and attracting local and global investment.

Since its $340 million Series C raise in December 2023, Tamara has positioned itself as a key player in regional fintech, offering flexible payment solutions that allow customers to split purchases over time. The new facility further boosts its lending capacity and supports plans for regional expansion.