Tamara Raises $150 Million Debt Financing From Goldman Sachs
Tamara is a buy now pay later startup that acts as a commerce enabler for more than 15,000 partner merchants across Saudi Arabia, Bahrain, Kuwait and the UAE.
Tamara, a shopping and payment platform based in Saudi Arabia, has closed a $150 million debt financing round from Goldman Sachs. The deal brings Tamara's total funding in equity and debt to $366 million since its launch in September 2020.
Founded by Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain, Tamara is a buy now pay later startup that acts as a commerce enabler for more than 15,000 partner merchants made up of both regional and global brands, including SHEIN, IKEA and H&M. The platform experienced record-breaking adoption, having onboarded 6 million users across Saudi Arabia, as well as neighbouring GCC countries Kuwait, Bahrain and the UAE. "This deal is the first of its kind in the region and a testament to the company's performance and the team’s ability to win the trust of top-tier global financial institutions like Goldman Sachs during a difficult global macroeconomic climate," Alsukhan, CEO of Tamara, tells StartupScene. "We believe that Goldman Sachs, with their track record in working with similar companies of our stage globally, is the ideal financing partner for Tamara. It is crucial for us to work with global and regional financial partners with strong balance sheets that have the capacity to provide incremental funding to support our vision." The new funding will help Tamara keep up with the growing demand of its BNPL product, and continue to grow across new verticals.
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