Dubai: Saudi fintech Tamara has secured an additional debt financing of up to $250 million, bringing its total warehouse facility to up to $400 million.
The facility comprises an incremental up to $200 million of senior debt arranged by Goldman Sachs. This is in addition to an up to $50 million mezzanine tranche led by Shorooq Partners.
The new financing will support Tamara’s demand for its flagship BNPL (buy now-pay later) product and release capital for investments into new products and services.
Stefan Marciniak, CFO of Tamara, said: “These funds will catapult us forward, enabling us to further develop our flagship BNPL product, and invest in new, innovative products and services, which will further strengthen our position as a leader in the industry.”
Rajiv Shah, head of Financing Middle East and North Africa at Goldman Sachs, added: “Goldman Sachs 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, said: “We want to support the local Saudi fintech ecosystem and we are pleased to be strengthening our partnership with Tamara. This financing will catalyse their growth, bolstering their product and service portfolio.”
Tamara, a shopping and payments platform in Saudi Arabia and the GCC region, was founded by serial entrepreneur Abdulmajeed Alsukhan along with his partners Turki Bin Zarah and Abdulmohsen Al Babtain. The company has over 500 employees and operates out of its headquarters in Riyadh, and has offices in the UAE, Egypt, Germany and Vietnam.
Tamara has more than 9 million users and over 26,000 merchants, including leading global and regional brands.