Tamara, a buy now, pay later platform for consumers in Saudi Arabia and the wider GCC region, has raised $340 million in a financing round that values the fintech at $1 billion. Saudi asset manager and financial institution SNB Capital and Sanabil Investments, a wholly owned company by Saudi’s sovereign wealth fund Public Investment Fund (PIF), led the Series C round. Other backers include Shorooq Partners, Pinnacle Capital, Impulse and others, joining existing investors such as Checkout.com. The round, composed of primary capital and a transaction of some secondary shares, is among the largest investments in a fintech in the region. The news comes 10 months after the platform, which allows consumers to shop, pay in installments and bank, received debt financing ($400 million) from Goldman Sachs and Shorooq Partners to upsize its warehouse facility. With this transaction, Tamara has raised a total of $500 million in equity funding, including secondaries, and over $400 million in debt financing since Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmo… Click below to read the full story from TechCrunch
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