RIYADH: Buy-now-pay-later (BNPL) platform Tamara has secured funding of $110 million and plans to use the new cash injection to expand its operations across the GCC.
The largest Series A funding ever in the Middle East and North Africa (MENA), the news comes just six months after Riyadh-based Tamara launched in September last year.
Founded by entrepreneur Abdulmajeed Alsukhan and his partners Turki Bin Zarah and Abdulmohsen Albabtain, Tamara was the first BNPL firm to be part of the Saudi Central Bank’s Sandbox fintech development program.
Tamara allows shoppers to purchase goods and services and delay the payment for 30 days, or spilt the purchase into three payments spread over two months.
Tamara raises $6 million in seed funding
Image courtesy of Tamara
Saudi Arabia-based buy now pay later (BNPL) startup Tamara, has secured a $6 million (SAR 22.5 million) seed round led by Impact46 with participation from Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala, and Nama, along with multiple family offices. This marks the largest seed round ever raised by a Saudi Arabian startup.
Founded by Abdulmajeed Alsukhan and Turki Bin Zarah and Abdulmohsen Albabtain, Tamara is the first Saudi Arabian fintech startup to acquire a sandbox licence to operate as a BNPL platform.
The fresh funds will help Tamra accelerate its growth plans as well as expand across Saudi Arabia and the UAE. Tamara’s top partners include: Namshi, Whites, Floward, Saif Gallery, Toys R Us in addition to the e-commerce enablers: Salla and Zid. The company has offices in Germany, UAE and Vietnam.