Saudi fintech Tamara raises $6 million in country’s largest seed round for its buy now pay later platform

Saudi fintech Tamara raises $6 million in country’s largest seed round for its buy now pay later platform

Riyadh-based buy now pay later platform Tamara has raised $6 million in a seed round led by Saudi's Impact46, it announced in a statement to MENAbytes today. The round, according to MENAbytes data, is the largest seed round ever raised by a Saudi startup (and one of the largest of the region too). It was also joined by other Saudi investors including Vision Ventures, Wealth Well, Seedra Ventures, Khwarizmi Ventures, Hala Ventures, and Nama Ventures. Some family offices also participated in the round.

Founded last year by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Albabtain, Tamara enables merchants to offer buy now pay later services to their customers on their online purchases. The merchants can offer Tamara's flexible payment options by using its APIs or plugins. It currently has two products; pay in 30 days (that also serves as an alternative to Cash on Delivery) and pay in 3 installments. Both the options are available on the checkout pages of its partner merchants.

Tamara on its website notes that its services are Shariah-compliant and the customers don't have to pay any interest or fee for using it. The fintech makes money by charging its merchants.

Launched less than six months ago, Tamara already