Saudi shopping and BNPL platform Tamara tops $1B valuation in $340M Series C funding
Summary
The round, composed of primary capital and a transaction of some secondary shares, is among the largest investments in a fintech in the region.The news comes 10 months after the platform, which allows consumers to shop, pay in installments and bank, received debt financing ($400 million) from Goldman Sachs and Shorooq Partners to upsize its warehouse facility. For example, this past year, venture firms in the West and other regions, including Africa, have clamored to receive financial backing from sovereign wealth funds and large institutional investors such as PIF and Mubadala Capital. Alsukhan said that while the three-year-old fintech believed the fees were the right approach to take as it got off the ground, customer feedback and insights from shopping data have made Tamara realize that it isnt the most optimal way forward. Alsukhan emphasizes that Tamara is open to boosting its revenue which has grown 300% in the last two years in this stream while exploring others in place of the late fees it typically charges.Tamara will also look to double down on other initiatives embodying its customer-centric principle, including introducing its Buyer Protection Program this month. As a regional unicorn, Tamara requires significant funding options which SNB Capital is ideally positioned to deliver, and backing the development of the fintech infrastructure which will support further growth.