Fintech Tamara Emerges as Saudi Arabia’s First Fintech Unicorn with $340 Million Series C Funding

Tamara, a Saudi fintech, has achieved a significant financial milestone by securing $340 million in a Series C round, making it the first fintech unicorn in the Kingdom. (Unicorn status is assigned to startups valued at or over $1 billion based on funding raised.) The Series C round was co-led by SNB Capital and Sanabil Investments, a wholly-owned entity of the Public Investment Fund (PIF). Other participants included Shorooq Partners, Pinnacle Capital, Impulse, and others, with continued support from existing investors such as Coatue, Endeavor Catalyst, and

Described as one of the largest investments in a fintech company in the region, this funding follows Tamara’s recent success in securing additional debt financing, increasing its warehouse facility to up to $400 million, led by Goldman Sachs and Shorooq Partners.

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Abdulmajeed Alsukhan, co-founder and CEO of Tamara, expressed confidence in Saudi Arabia’s emerging role in the global financial technology landscape, stating, “Saudi Arabia deserves its place on the world stage for financial technology.”

With this funding, Tamara now boasts $500 million in equity funding and over $400 million in debt financing since its inception in late 2020. Operating in the ‘buy now pay later’ (BNPL) space, Tamara connects consumers with retailers and service providers, enabling interest-free purchases with payments spread over six months or a similar period.

Alsukhan emphasized Tamara’s ambitious goals, stating, “As we set our sights on becoming the next big giant in shopping, payments, and banking, we remain ever grateful for the significant opportunity in this underpenetrated and underserved banking and financial services landscape.”