Saudi startup buy now, pay later (BNPL) Tamara raised a $100 million Series B funding 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 would use the funding to expand its product offering through payments and purchases in addition to expanding into new markets.
Co-founder and CEO Abdulmajeed Alsukhan told PYMNTS in an interview last year that BNPL’s services were “much needed” in the Middle East and North Africa (MENA) region, where Tamara has tapped the demand for installment consumer credit options.
Continue reading: BNPL was ‘much needed’ in MENA, where banks are now catching up with fintechs
“Our mission is to provide an exceptional experience for our customers by providing seamless, transparent and inclusive payment solutions,” Alsukhan said in the statement. “Tamara has established itself as the trusted, reliable and enduring local partner for any regional or global business looking to grow in Saudi Arabia and the MENA region.”
Remo Giovanni Abbondandolo, Vice President MENA at Checkout.com, added, “Tamara has become the payment method of choice for millions of consumers in the region. As the leading payments provider in the MENA region, Checkout.com’s investment demonstrates our confidence 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 round 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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