The buy now, pay later market in the Middle East is huge, Tamara received $110 million in Series A funding

Tamara ’s funding round was led by Checkout.com, which was reported to be the largest Series A round in the Middle East and North Africa region.

Founded in 2020 by Abdulmajeed Alsukhan and his partners Turki Bin Zarah and Abdulmohsen Albabtain, Tamara is the first BNPL company to join the Saudi Central Bank’s (SAMA) Sandbox program.

It is reported that in January this year, Tamara received US$6 million in seed round financing, which is also the largest seed round in Saudi Arabia.

Since its establishment, Tamara has quickly established itself as a leader in the Saudi market, and the company has reached partnerships with Namshi, Floward, etc., and expanded its services to the UAE. In addition, Tamara has launched mobile consumer applications and in-store services with several local partners.

The $110 million in funding will be used to expand Tamara’s team, help the company expand its business in other GCC countries, and fund the promotion of BNPL products.

Abdul Majid, Co-founder and CEO of Tamara , said: “Tamara was born to make a difference. The Middle East and the world need transparent, customer-oriented payment solutions. At Tamara, we provide customers with an alternative to credit cards and cash on delivery (COD), which enhances their shopping experience.”

He added: “Our solutions also improve the efficiency of our merchant partners and their customer satisfaction. This financing is just the beginning of our journey and is a great sign that we are on the right track. We are proud to have the trust of such an investor as we continue to expand our products to transform the payments industry in the region.”

Visa estimates that e-commerce in the Middle East and North Africa could reach $49 billion by as early as 2022. Tamara is well positioned to tap into the region’s fast-growing buy now, pay later segment.

middle East