Checkout.com has led a $110 million investment round in Saudi Arabian buy now, pay later startup Tamara. Founded in 2020, by serial entrepreneur Abdulmajeed Alsukhan and his partners Turki Bin Zarah and Abdulmohsen Albabtain, Tamara was the first BNPL firm to be enrolled in the Saudi central bank’s sandbox programme. Since then, it closed a round of $6 million in seed funding in January 2021, five months after its official launch in September 2020.
Tamara now operates in both KSA and UAE with two main products: ‘Pay in 30 days’ and ‘Pay in 3’ which are available both online and in-store through Tamara’s consumer app.
The $110M cash injection in both debt & equity will be used by the company to scale its team, open new countries in the GCC and fund the distribution of its BNPL product.
Sebastian Reis, executive vice president at Checkout.com comments: “As the partner of choice for the region’s leading eCommerce merchants, Checkout.com is always on the lookout for ways to enhance the ecosystem. Tamara has rapidly proven itself to be a natural leader in the BNPL space. Our investment in Tamara will help the team realise their vision and expand rapidly.”
Source: Finextra
Check out our blog here.
