BNPL startup Tamara raises $150m debt facility from Goldman Sachs

BNPL startup Tamara raises $150m debt facility from Goldman Sachs

Saudi fintech startup Tamara has secured a receivables warehouse facility of up to $150m from Goldman Sachs, bringing the buy now, pay later (BNPL) firm’s total funding in equity and debt to $366m since its launch in 2020. The fintech platform said the facility will help it finance the growing demand for BNPL products in the GCC while continuing its growth across new verticals. “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,” Abdulmajeed Alsukhan, co-founder and CEO of Tamara said adding that it is crucial for the startup to work with global and regional financial partners with strong balance sheets that can provide incremental funding to support growth. Alsukhan hailed Goldman Sachs’ facility as “the first of its kind in the region” and a testament to the company’s ability to secure financing from top-tier global financial institutions such as Goldman Sachs at a time when the global venture capital industry has slowed down in response to macroeconomic climate. Riyadh-based Tamara is one of the largest BNPL providers in the region having onboarded six million customers over the past three years across Saudi Arabia,