THE BRIEF
“ PEOPLE ARE LOOKING FOR PAYMENT METHODS THAT OFFER THEM FINANCIAL FLEXIBILITY AND ALLOW THEM TO UTILISE THEIR PURCHASING POWER ON THEIR TERMS ”
Saudi BNPL fintech Tamara closes US $ 100mn Series B
Keith SERDON Chief Commercial Officer , Mollie �
“ ALL COMPANIES WITH A VISION TO BECOME PUBLIC SHOULD ACT LIKE A PUBLIC COMPANY LONG BEFORE THEY ARE ONE ”
Romi SAVOVA CEO , PensionBee �
“ IT IS SO IMPORTANT RIGHT NOW TO REFRAIN FROM MAKING ANY RASH DECISIONS THAT COULD LATER DAMAGE A PERSON ' S FINANCIAL SECURITY ”
Andrew MEGSON Executive Chairman , My Pension Expert �
Saudi buy-now-pay-later ( BNPL ) fintech Tamara has raised US $ 100mn in a Series B funding round led by Sanabil Investments .
The Riyadh-based fintech , which was launched in September 2020 , allows customers to spread the cost of a purchase over several interest-free instalments . It is fully Shariyah compliant and has enjoyed early success , despite the broader troubles facing the global BNPL sector . Tamara has seen tenfold year-onyear revenue growth , onboarding more than 3 million customers and over 4,000 partner merchants including IKEA , Adidas , Namshi plus a number of local SMEs .
The latest round also includes participation from Coatue , Shorooq Partners , Endeavor Catalyst and a follow-on investment by Checkout . com . Tamara says it will use the funding to expand its product offering across payments and shopping ; expand to new markets ; and strengthen the existing customer and merchant experience . CEO Abdulmajeed Alsukhan claims Tamara can help its partners realise a 40 % rise in average order value .
12 October 2022