Gulf BNPL Provider Tamara Raises $100M

Words by Retail Bum

Gulf BNPL Provider Tamara Raises $100M
Gulf BNPL Provider Tamara Raises $100M
Saudi Arabia-based buy now, pay later (BNPL) provider Tamara has raised $100 million in a second investment round led by Sanabil Investments, which is owned by the country’s sovereign wealth fund PIF.

The startup plans to use the funding to expand access to its service across new markets and introduce new products for its customers.

The company already has more than three million active users in the region, making it one of the largest BNPL providers in the Gulf region.

While consumers across the globe are holding back on making purchases, the Gulf region is enjoying a significant uptick in consumers’ appetite for making purchases — a trend that has been a boon for BNPL providers such as Tamara.

“We believe the region has a different situation today than globally. The region is thriving with high oil prices,” said Chief Executive Officer Abdulmajeed Alsukhan.

The company was founded in the early days of the pandemic by Saudi entrepreneurs Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain, Reuters reported.

Since its launch, it has raised $215 million in capital and has reportedly struck partnerships with major retailers such as IKEA, Jarir, SHEIN, and NAMSHI.

The company expects to reach profitability by 2023 and has plans to go public in Saudi Arabia, followed by a second potential listing in the United Kingdom.

MUST READS
Footlocker Raises Forecast, Shares Jump 16 Percent

Footlocker Raises Forecast, Shares Jump 16 Percent

Foot Locker has raised its annual forecast on the heels of strong Thanksgiving week sales and continued progress on its growth plan. The company saw strong online and in-store sales and an increase in the total amount shoppers spent and the number of products they

Shein Files for US IPO With Plans To Go Public in 2024

Shein Files for US IPO With Plans To Go Public in 2024

Fast fashion giant Shein has confidentially filed for an initial public offering (IPO) in the U.S., the latest sign of its ambitions to expand its global reach. The company’s effort to go public comes at a time when the U.S. stock market has seen a

No more posts to show, explore other topics: