Saudi Arabian buy now, pay later (BNPL) startup Tamara has raised a $100 million Series B equity round led by Sanabil Investments with participation from Coatue, Shorooq Partners, Endeavor Catalyst and existing investor Checkout.com.
In a Monday (Aug. 22) press release announcing the news, Tamara said it will use the funding to expand its product offering across payments and shopping in addition to launching in new markets.
Co-founder and CEO Abdulmajeed Alsukhan told PYMNTS in an interview last year that BNPL services were “highly needed” in the Middle East and North Africa (MENA) region, where Tamara has tapped into demand for installment-based consumer credit options.
Read on: BNPL Was ‘Highly Needed’ Across MENA, Where Banks Now Play Catch-Up With FinTechs
“Our mission is to deliver an exceptional experience to our customers by offering transparent, seamless and inclusive payment solutions,” Alsukhan said in the release. “Tamara has established itself as the trusted, reliable and sustainable local partner for any regional or global business looking to expand in Saudi Arabia and MENA.”
Remo Giovanni Abbondandolo, VP for MENA at Checkout.com, added, “Tamara has emerged as the payment method of choice for millions of consumers across the region. As the leading payments provider in MENA, Checkout.com’s investment demonstrates our belief in Tamara’s exceptional team and our commitment to supporting digital growth in the region. As such, Checkout.com will also serve Tamara as a payment method to our merchants.”
Prior to the latest funding round, Tamara closed a $6 million seed funding round in January 2021, followed by a $110 million Series A led by Checkout.com in April 2021. So far, Tamara has raised $216 million in equity and debt, the company said in the release.
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