Tamara, a Saudi Arabia-based buy now- pay later (BNPL) provider, has raised $100 million in Series B funding, according to multiple reports. Tamara operates in Saudi as well as the UAE and Kuwait. Tamara is said to be the first BNPL to make its way through the Saudi Central Bank sandbox program and the first to gain a permit to provide services.
According to its website, Tamara is Shariyah compliant – approved by the Shariyah Review Bureau.
BNPL payments have two options: Split in three or split in six, with each set of payments being interest-free.
In a tweet, Tamara co-founder and CEO AbdulMajeed Alsukhan noted they had achieved 3 million customers and over 4000 partners while creating 220 new jobs.
اليوم يوم عرفان للناس اللي وصلوا تمارا للمرحلة الحالية. منذ اغلاق الجولة A حتى اليوم حققت تمارا الاتي:
.وثق فينا اكثر من ٣ مليون عميل بنمو ٦٠ ضعف
.وصلنا لاكثر من ٤ آلاف شريك و تاجر بنمو ١١ ضعف
.الاهم خلقنا اكثر من ٢٢٠ وظيفة بنمو ٦ اضعاف
بتوفيق الله تم كل هذا في اقل من سنتين 🚀 https://t.co/A7icAE7D0w
— Majeed | عبدالمجيد الصيخان (@MJalsukhan) August 22, 2022
Alsukhan told Arab News:
“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.”