Stock - Tamara
Tamara's business model has convinced the likes of PIF-owned Sanabil Investments. Image Credit: Supplied

Dubai: The Saudi payments fintech Tamara has raised $100 million in a Series B round that was led by Sanabil Investments, a wholly owned company under the Kingdom’s wealth fund PIF. There was also participation from Coatue, Shorooq Partners, Endeavor Catalyst and a follow-on investment by global fintech

Tamara, which has more than 3 million customers and over 4,000 merchants as partners, will use the funding to expand product offering across payments and shopping in addition to get into new markets. Abdulmajeed Alsukhan, Tamara’s co-founder and CEO, said: “Our mission is to deliver an exceptional experience to our customers by offering transparent, seamless and inclusive payment solutions. We act as a marketing and discovery channel for our partner merchants to drive new customers and incremental sales online and in-store.

Launched in September 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain, Tamara was the first BNPL (Buy Now Pay Later) to enroll in the Saudi Central Bank (SAMA)’s Sandbox program.

Five months after launching, Tamara closed a $6 million seed round in January 2021, followed by a $110 million Series A led by in April 2021. This was the ‘largest-ever recorded in the MENA region’, making the total funding so far $216 million in equity and debt.

BNPL makes for a habit
According to research by, more than 50 per cent of customers across the region will use BNPL in 2022 – putting the Middle East ‘out ahead’ as a leader in adoption. The survey found that – in addition to those already using BNPL – 31 per cent of UAE residents plan to use the BNPL way in the coming 12 months followed by Saudi Arabia at 27 per cent, Kuwait at 26 per cent and Bahrain at 18 per cent.