Tamara’s Record-Breaking US$340M Funding Round Marks a Historic Moment for Saudi Fintech

Tamara’s Record-Breaking US$340M Funding Round Marks a Historic Moment for Saudi Fintech

Tamara, the leading platform for shopping, payments, and banking in the GCC region, has secured a historic US$340 million in a Series C equity funding round, propelling it to the coveted status of the Kingdom's first homegrown fintech unicorn. The Series C funding round was co-led by SNB Capital, a prominent regional financial institution, and Sanabil Investments, a wholly-owned company by the Public Investment Fund. Other participants included Shorooq Partners, Pinnacle Capital, Impulse, as well as existing investors like Coatue, Endeavor Catalyst, and Checkout.com. This funding round follows closely on the heels of a significant debt financing, bringing Tamara's total equity funding to US$500 million and debt financing to over US$400 million since its establishment in late 2020. Tamara, operating in Saudi Arabia, the UAE, and Kuwait, boasts a user base of over 10 million, collaborates with more than 30,000 partner merchants, and reports a remarkable sixfold annual run rate revenue growth in less than two years. Established by three Saudi co-founders—Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al Babtain—Tamara was also among the first companies granted a permit to provide "Buy Now, Pay Later" services by the Saudi Central Bank. Abdulmajeed Alsukhan, Co-founder, and CEO of Tamara, expressed his