Tamara Secures SAMA Consumer-Finance Licence to Offer Financing Beyond BNPL
The Saudi Central Bank licence lets the fintech unicorn extend financing above SAR 5,000, expanding well past its short-term instalment roots.
Tamara, Saudi Arabia's fintech unicorn, has received a consumer-finance and buy-now-pay-later licence from the Saudi Central Bank, a regulatory milestone that lets the company offer financing solutions exceeding SAR 5,000 ($1,333) and move well beyond its original short-term instalment product.
The licence makes Tamara one of 65 finance companies authorised by the central bank and broadens its ability to serve customers with a wider range of financial products. The regulator said the approval aligns with its strategic goals of enhancing the efficiency of financial transactions and promoting financial inclusion in the Kingdom.
"This is the culmination of our ongoing efforts to deliver innovative financial solutions that meet our customers' needs," said co-founder Abdulmajeed Alsukhan. Tamara reached unicorn status in December 2023 with a $350 million Series C and operates a buy-now-pay-later platform across Saudi Arabia, the UAE and Kuwait, allowing customers to split purchases into instalments.
The licence positions Tamara to diversify into larger-ticket consumer financing at a time when Saudi regulators are formalising the fast-growing BNPL and consumer-lending space, and as the company builds out a broader financial-services offering anchored in its home market.