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.