Business

Saudi Arabia’s first homegrown fintech unicorn, Tamara, has secured a record Shari’ah-compliant asset-backed facility of up to $2.4 billion, backed by global financial institutions including Goldman Sachs, Citi, and Apollo funds. The announcement was made at the Money 20/20 Middle East conference in Riyadh.

The deal, which fully refinances and expands a previous $500 million facility arranged by Goldman Sachs, consists of an initial $1.4 billion with an additional $1 billion available over three years pending approvals. It marks one of the largest transactions of its kind in the region, underscoring the confidence of international investors in the Kingdom’s fintech sector.

Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara, said the agreement represents a pivotal step in the company’s growth. “This landmark facility with our global financing partners accelerates our growth trajectory, empowering us to invest further in building the most customer-centric financial super-app on earth. Today’s milestone brings us one step closer to helping people own their dreams.”

The facility is expected to strengthen Tamara’s lending capacity, enabling the expansion of its credit and payment offerings beyond its current base of more than 20 million customers across 87,000 merchants. It also aligns with Saudi Arabia’s Vision 2030 and the Financial Sector Development Program (FSDP), which seek to support private sector growth, attract global investment, and enhance the Kingdom’s position as a regional financial hub.

Since raising $340 million in Series C funding in 2023, Tamara has continued to scale rapidly, positioning itself as a key player in the fintech ecosystem while promoting localized investment practices and sustainable growth.

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