Saudi Arabia’s first fintech unicorn, Tamara, has announced a record-breaking $2.4 billion asset-backed financing facility, unveiled during the Money20/20 conference in Riyadh. The deal significantly upsizes a previous $500 million arrangement with Goldman Sachs, highlighting strong investor confidence in Tamara and the Kingdom’s fintech sector.
The Shariah-compliant facility is backed by a consortium of leading global financial institutions, including Goldman Sachs, Citi, and funds managed by Apollo. It is designed to accelerate Tamara’s expansion into new credit and payment solutions, furthering its vision of creating the world’s most customer-centric financial super-app.
Abdulmajeed Al-Sukhan, Tamara’s co-founder and CEO, described the deal as a pivotal milestone, stating: “This landmark facility with our global financing partners accelerates our growth trajectory, empowering us to invest further in building the most customer-centric financial super-app on earth.”
The structure includes an immediate initial commitment of $1.4 billion, with an additional $1 billion available over the next three years subject to approvals. This financing aligns with Saudi Arabia’s Vision 2030 and the Financial Sector Development Program, supporting private sector growth, attracting foreign investment, and enhancing capital market maturity.
Since its $340 million Series C round in December 2023, Tamara has experienced rapid growth, now serving over 20 million customers and partnering with more than 87,000 merchants, including global brands such as Apple, IKEA, and Amazon. With this landmark deal, Tamara is poised for the next phase of regional expansion and product diversification, cementing its leadership in the Gulf’s fintech ecosystem.
