‎Tamara raises $100m in Series B equity round led by Sanabil Investments after 10x YoY increase in revenue

‎Tamara raises $100m in Series B equity round led by Sanabil Investments after 10x YoY increase in revenue

Saudi fintech startup Tamara, the leading payments startup focused on driving financial inclusion across the Middle East, has raised a $100m Series B equity round led by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF) with participation from Coatue, Shorooq Partners, Endeavor Catalyst and a follow-on investment by global fintech Checkout.com.

The company – which has seen exceptional adoption with more than 3 million customers, a 10x year-on-year revenue growth and over 4,000 partner merchants including leading global and regional brands like IKEA, SHEIN, Adidas, Namshi and Jarir plus local SMEs – will use the funding to expand its product offering across payments and shopping in addition to launching in new markets.

Abdulmajeed Alsukhan, Tamara’s Co-founder and CEO, said: “Our mission is to deliver an exceptional experience to our customers by offering transparent, seamless and inclusive payment solutions. 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 added: “We act as a marketing and discovery channel for our partner merchants to drive new customers and incremental sales online and in-store. After working with Tamara, our partners have seen on average 40%