Saudi fintech company Tamara has secured an asset-backed facility of up to $2.4 billion backed by Goldman Sachs, Citi and Apollo funds, the company said. The package is Shariah-compliant and announced at the Money20/20 Middle East conference.
The new facility refinances and increases an earlier $500 million arrangement led by Goldman Sachs. Under the terms, Tamara will receive $1.4 billion initially, with an additional $1.0 billion available over the next three years, subject to approvals.
Tamara said the funds will support expansion in credit and payment product lines and increase its lending ability. The company currently serves more than 20 million customers and operates with over 87,000 merchants across its platform.
Founded in 2020, Tamara became Saudi Arabia’s first homegrown fintech unicorn after its $340 million Series C round in December 2023. The firm has built its reputation in buy-now-pay-later (BNPL) services and is now seeking to broaden its offerings and regional reach.
The deal aligns with Saudi Arabia’s Vision 2030 and the Financial Sector Development Program, which aim to expand private sector growth, develop financial markets and increase capital inflows from global institutions.
Analysts say this facility could allow Tamara to scale more rapidly, enhance service offerings, and improve competitive positioning in the Gulf fintech sector. The funding is also expected to support customer acquisition, risk management, and product innovation in credit and payments.
Tamara has indicated it will apply the capital toward new credit and payment solutions. It has not disclosed specific markets for immediate expansion beyond its core Saudi operations, but regional growth is part of its roadmap.
Regulatory approvals are required for the full facility to be made available. Once cleared, Tamara will deploy the full amount as agreed, supporting its goal to build what it describes as a “financial super-app.”
