Saudi’s Tamara, a payments financial technology company, has closed a $100 million Series B funding round led by PIF-owned Sanabil Investments.
The funding will be used to improve the experience of customers and store partners, as well as to support innovation in payment and shopping.
Tamara, which was launched in 2020, is the first fintech startup in the Buy Now Pay Later (BNPL) space to be accepted into the Saudi Central Bank (SAMA)’s pilot environment.
Abdul Majeed Alsukhan, co-founder and CEO of Tamara, stated that a large portion of the customers who benefit from Tamara are not adequately served by the financial sector.
He noted that Tamara discovered a flaw in the financial sector’s operations, which resulted in high demand for the company’s services.
He explained that the company’s customer base had reached 3 million and that this high demand was due to the market’s urgent need for this kind of product.
Alsukhan stated that the latest financing will be spent on product development due to the financial sector’s need for new products.
According to a survey by Checkout.com, more than 50 percent of customers across the region are expected to use BNPL this year.
In addition to those who are already using BNPL, 31 percent of residents in the UAE said they plan to use the technology in the coming 12 months, while 27 percent in Saudi Arabia, 26 percent in Kuwait, and 18 percent in Bahrain intend to do the same.