Riyadh-based Tamara platform raises $100m in Serie B around

Gulf buy now, pay later (BNPL) Tamara platform said on Monday it raised $100 million in a second round of fundraising from investors, including Sanabil Investments, which is owned by Saudi Arabia’s sovereign wealth fund PIF, Reuters reports.

The funding will help the company expand in new markets and provide customers with new products and services.

“We believe the region has a different situation today than globally. The region is thriving with high oil prices,” Chief Executive Abdulmajeed Alsukhan told Reuters.

“We want to make sure our customers find the right products that suit them and find amazing deals.”

Founded in 2020, Tamara has now over 180 employees located in the UAE, Germany, and Vietnam.

The platform boasts over 3 million active shoppers. BNPL allows consumers to order and take a product without immediately paying.

Other investors include global investment manager Coatue, Gulf technology investor Shurooq Partners, co-investment vehicle Endeavor Catalyst and existing investor Checkout.com.