RIYADH: Saudi Arabian fintech platform Tamara, which offers buy now, pay later services, raised $100 million in a series B equity round led by venture capital firm Sanabil Investments.
The company said in a press release that it will use the acquired funding to expand its product offerings as well as launch into new markets.
“Tamara has established itself as the trusted, reliable and sustainable local partner for any regional or global business looking to expand in Saudi Arabia and MENA,” Abdulmajeed Alsukhan, Tamara’s co-founder and CEO, said in a statement.
The round also saw participation from Coatue, Shorooq Partners, Endeavor Catalyst, and Checkout.com.
Founded in 2020, the company currently has more than 3 million customers, with ten times year-on-year revenue growth, and 4,000 merchants including local and international brands.
It was the first BNPL to enroll in the Saudi Central Bank's Sandbox program.