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Saudi BNPL fintech Tamara lands $340m Series C funding at $1bn valuation

December 19, 2023

Tamara, a Saudi fintech platform, secures $340 million in a Series C funding round.
The funding round, co-led by Sanabil Investments and SNB Capital, resulted in Tamara becoming Saudi Arabia’s first fintech unicorn with a $1 billion valuation.
New investors like Shorooq Partners, Pinnacle Capital, and Impulse join existing backers including Coatue, Endeavor Catalyst, and Checkout.com.
Founded in 2020, Tamara operates in Saudi Arabia, UAE, and Kuwait, boasting 10 million users and 30,000 partner merchants.
The Series C funding brings Tamara’s total equity raised to $500 million, following a recent upsizing of its debt facility to $400 million.
Tamara plans to use the funds for product development and expansion beyond BNPL, targeting shopping, payments, and banking services in the Gulf Cooperation Council (GCC) region.