Saudi Fintech Tamara Secures Up to $2.4bn Shariah-Compliant Financing Facility
Saudi Arabia's first fintech unicorn upsized a prior $500m facility to as much as $2.4bn, backed by Goldman Sachs, Citi and Apollo-managed funds, to expand consumer lending across the Kingdom and region.
Tamara, Saudi Arabia's first fintech unicorn, unveiled an asset-backed financing facility of up to $2.4 billion, upsizing a $500 million facility previously arranged by Goldman Sachs. The structure carries an initial $1.4 billion commitment, with a further $1 billion available over three years subject to approvals.
The Shariah-compliant facility is backed by Goldman Sachs, Citi and funds managed by Apollo. Tamara, which serves more than 20 million customers and over 87,000 merchants, said the capital will fund growth in its buy-now-pay-later and financial services business as it weighs a future listing.