Tamara, the primary homegrown Saudi fintech unicorn, has secured the most important asset-backed facility of its type within the area of as much as $2.4 billion from main monetary establishments, together with Goldman Sachs, Citi and Apollo funds. This transaction totally refinances and upsizes a previous USD 500 million asset-backed facility organized by Goldman Sachs.
The deal, which was introduced throughout Cash 20/20 Center East convention in Saudi Arabia, consists of an preliminary $1.4 billion with an extra $1 billion accessible for a three-year interval, pending additional approvals. The funding is aimed toward supporting Tamara’s imaginative and prescient to broaden into new credit score and cost merchandise.
“This landmark facility with our world financing companions accelerates our development trajectory, empowering us to speculate additional in constructing probably the most customer-centric monetary super-app on earth,” mentioned Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara. “In the present day’s milestone brings us one step nearer to serving to folks personal their goals.”
The brand new capital is aimed toward supporting the corporate’s product diversification, together with new credit score and cost choices. The power additionally displays a strategic dedication by Tamara and its financing companions to localised funding practices, aiming for sustainable development throughout the regional ecosystem.
The asset-backed facility will enhance Tamara’s lending energy and assist the platform develop effectively past its present 20 million prospects whereas aligning with the success pillars of KSA’s Imaginative and prescient 2030 and the nation’s Monetary Sector Improvement Program (FSDP) of enabling monetary establishments to help non-public sector development. Furthermore, it is usually set to advertise this system’s goal of advancing capital markets by attracting extra help from native and world monetary establishments and validating KSA as a hub for inward funding.
Total, the transaction builds on the capabilities of Tamara because the Kingdom’s first homegrown fintech unicorn since elevating $340 million in its Sequence C funding spherical in December 2023. Tamara has grown its buyer base to over 20 million, enabling transactions at greater than 87,000 retailers, with plans for additional regional growth.
For extra data, please go to https://tamara.com/en-SA