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

Tamara, Saudi Arabia’s first homegrown fintech unicorn, has finalized an asset-backed facility of up to $2.4 billion from global financial giants Goldman Sachs, Citi, and Apollo funds. The announcement was made during the Money 20/20 Middle East conference, marking one of the largest financing deals of its kind in the region’s fintech sector.

Expanding Beyond Previous Arrangements

The newly secured facility significantly scales up Tamara’s previous financing. It refinances and expands a $500 million arrangement with Goldman Sachs, offering:

• $1.4 billion in immediate funding.
• An additional $1 billion available over the next three years, subject to regulatory and financial approvals.

This substantial backing underscores international investors’ growing confidence in Saudi Arabia’s fintech landscape.

Boosting Customer and Merchant Services

With the new capital, Tamara aims to expand its credit and payment services for its rapidly growing customer base of 20 million users and network of over 87,000 merchants.

Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara, described the deal as a milestone for the company:
“This accelerates our growth trajectory and brings us closer to building the most customer-centric financial super-app on earth.”

Alignment with Saudi Vision 2030

The transaction closely supports Saudi Arabia’s Vision 2030 and the Financial Sector Development Program, both of which aim to:

• Strengthen private sector participation in the economy.
• Deepen and modernize capital markets.
• Attract sustained local and international investment.

By scaling its offerings, Tamara is also positioned to play a larger role in the kingdom’s digital economy ambitions.

A Rising Fintech Powerhouse

Since raising $340 million in a Series C round in December 2023, Tamara has emerged as one of the Middle East’s leading fintech innovators. Its flexible payment solutions allow customers to split purchases over time, driving adoption across diverse markets.

The newly secured $2.4 billion facility is set to enhance Tamara’s lending capacity, fuel product innovation, and support its planned regional expansion in the coming years.