Saudi fintech unicorn Tamara has landed a record asset-backed facility of up to $2.4 billion, bolstering the company’s lending power and accelerating its plans to develop new credit and payment products.
Citi and Apollo Global Management are backing the facility alongside Goldman Sachs, which has upsized a previous $500 million facility (increased from $400 million) with the fintech.
The deal, described by Tamara as “the largest asset-backed facility of its kind in the region”, includes $1.4 billion funded upfront and a further $1 billion available over three years.
Tamara states that the facility will be used to accelerate “product diversification, including new credit and payment offerings”, while also revealing plans for “further regional expansion”.
The company’s suite features Shariah-compliant buy now, pay later (BNPL) solutions. It currently serves 20 million customers and around 87,000 businesses across Saudi Arabia, Kuwait, Bahrain and the UAE.
Led by co-founder and CEO Abdulmajeed Alsukhan, Tamara was notably the first Saudi fintech to secure unicorn status following a $340 million Series C in December 2023.
Current backers of the company include Sanabil Investments, SNB Capital, Shorooq Partners, Pinnacle Capital, Impulse, Coatue, Endeavor Catalyst and Checkout.com.
Source: https://www.fintechfutures.com/
