Tamara, Saudi Arabia’s first homegrown fintech unicorn, has secured an asset-backed facility of up to US$2.4 billion, the largest of its kind in the region, from a group of major financial institutions including Goldman Sachs, Citi, and Apollo funds.
The deal fully refinances and expands on a previous US$500 million facility arranged by Goldman Sachs.
Announced at the Money 20/20 Middle East conference in Saudi Arabia, the transaction consists of an initial US$1.4 billion, with a further US$1 billion available over a three-year period, subject to approvals.
The funding will support Tamara’s expansion into new credit and payment products.
“This landmark facility with our global financing partners accelerates our growth trajectory, empowering us to invest further in building the most customer-centric financial super-app on earth,”
said Abdulmajeed Alsukhan, Co-Founder and Chief Executive Officer of Tamara.
“Today’s milestone brings us one step closer to helping people own their dreams.”
The facility is expected to increase Tamara’s lending capacity and support growth beyond its current 20 million customers.
It also aligns with Saudi Arabia’s Vision 2030 and the Financial Sector Development Programme (FSDP), which seeks to enable financial institutions to back private sector expansion and attract further domestic and international investment.
The announcement follows Tamara’s US$340 million Series C funding round in December 2023.
The company currently has more than 20 million customers and is available at over 87,000 merchants, with plans for further regional expansion.
Featured image credit: Tamara
