Tamara
Overview
Tamara is a leading fintech company in Saudi Arabia and the Gulf Cooperation Council (GCC) region, providing "buy now, pay later" (BNPL) services. Founded in 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al Babtain, the company aims to facilitate consumer purchases by offering flexible payment solutions. Headquartered in Riyadh, Saudi Arabia, Tamara has grown rapidly, forging partnerships with major brands such as Apple, IKEA, and Amazon. As a Sharia-compliant fintech platform, Tamara has raised over $556 million in both equity and debt financing, strengthening its position as a pioneering force in the fintech industry.
Recent Developments
- September 2025: Tamara secured a landmark Sharia-compliant asset-backed facility of up to $2.4 billion with financial giants like Goldman Sachs, Citi, and Apollo Global Management. This financing is set to accelerate Tamara’s growth and expand its credit and payment products.
- September 2025: Co-Founder and CEO Abdulmajeed Alsukhan is scheduled to be a keynote speaker at Money20/20 Middle East in Riyadh, highlighting the company's progress and insights on "The Currency of Trust."
- August 2025: Partnered with Johns Hopkins Aramco Healthcare to offer more flexible payment solutions, enhancing healthcare access in Saudi Arabia.
- December 2024: Achieved a valuation of $1 billion after raising $340 million in a Series C funding round led by SNB Capital and Sanabil Investments.
- July 2025: Introduced "Tamara Smart," an exclusive membership program offering cashback and rewards, enhancing the user shopping experience.
- March 2024: Among pioneering fintechs, Tamara graduated from the Saudi Central Bank's inaugural regulatory sandbox, being the first company licensed to provide BNPL solutions.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2020 |
| Headquarters | Riyadh, Saudi Arabia |
| Founders | Abdulmajeed Alsukhan, Turki Bin Zarah, Abdulmohsen Al Babtain |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Sanabil Investments, Checkout.com, SNB Capital, Goldman Sachs |
| Industry | Fintech, specifically Buy Now Pay Later (BNPL) |
| Number of Employees | Approximately 500-1,000 |
Early History
Tamara was founded in 2020 by Saudi entrepreneurs Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al Babtain, aiming to transform traditional payment methods. Initially addressing the gaps in digital payment options, Tamara capitalized on the regional push for technological innovation and regulatory support in the fintech sector. The company's early focus was on making purchases more accessible and affordable through installment plans without interest or hidden fees. Tamara's initial traction and strategic partnerships, coupled with substantial seed funding, played a crucial role in swiftly growing its user base and expanding its footprint across the GCC region.
Company Profile and Achievements
Tamara is strategically positioned as a financial technology enterprise that emphasizes customer-centric solutions. Its business model pivots around providing flexible payment options, primarily through the BNPL framework.
- 2020: Founded and quickly gained momentum in the Saudi Arabian market.
- 2021: Partnered with major retailers, expanding the BNPL service offering across various sectors like electronics, fashion, and home goods.
- 2022: Recognized as a pioneering fintech by being one of the first to graduate from the Saudi Central Bank's regulatory sandbox, receiving an official permit to operate BNPL services.
- 2023-2024: Secured significant funding rounds that pushed its valuation to unicorn status ($1 billion), and expanded its operations regionally to markets in the UAE and Kuwait.
- 2025: Announced expansion plans into credit and other financial products, solidifying its reputation as a comprehensive financial platform.
Current Operations and Market Position
Presently, Tamara operates not just as a BNPL service provider but as a growing financial super-app aiming to encompass broader financial services. It maintains a strong market presence in Saudi Arabia and has expanded its influence across the GCC. Tamara’s strategic advantage lies in its strict adherence to Sharia-compliant financial practices, making it appealing to a wide consumer base that values ethical financing. The company continues to innovate, offering seamless integrations for businesses and enhanced user experiences through its app. In terms of competitive position, Tamara is among the leading fintech platforms in the region, continually seeking expansion opportunities and technological advancements to maintain its competitive edge.
Conclusion
Tamara has solidified its position as a leader in the fintech sector in Saudi Arabia and the GCC region. By leveraging the "buy now, pay later" model, it has revolutionized the way consumers approach purchases, while maintaining ethical standards through Sharia compliance. Its impressive funding rounds and strategic partnerships have underscored its growth trajectory. As Tamara looks to expand its services and reach, its commitment to customer-centric financial solutions and technological advancement indicates a promising future. The company's influential role in the market is likely to propel it towards further innovation and international expansion in the coming years.