How Did Tamara Secure the Largest Facility Deal in Saudi?
Saudi Arabia’s first homegrown fintech unicorn, Tamara, has secured up to US$2.4bn in debt financing from a consortium of major global financial institutions, including Goldman Sachs, Citi, and funds managed by Apollo.
The deal represents the largest asset-backed facility of its kind in the Middle East and North Africa region, signalling strong investor confidence in the burgeoning Saudi fintech market.
Announced during the Money 20/20 Middle East conference, the transaction fully refinances and significantly upsizes a prior US$500mn facility that was arranged by Goldman Sachs.
The new structure includes an initial disbursement of US$1.4bn, with an additional US$1bn available for a three-year period, subject to further approvals.
This substantial amount is earmarked to support Tamara’s ambitious growth plans and diversification of its product suite.
Tamara five years on
Founded in 2020, Tamara has rapidly emerged as a dominant force in the Middle East. The company achieved a US$1bn valuation following a US$340m Series C funding round in December 2023, cementing its unicorn status.
The new capital will bolster the firm's lending power as it seeks to expand its services beyond its current customer base.
The financing is aimed squarely at fuelling the company's evolution into a comprehensive financial services provider.
It now serves a vast network of over 20 million customers and partners with more than 87,000 merchants, including major international and regional brands like Apple, SHEIN, and Amazon.
Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara says: "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.”
The record-breaking deal provides the resources for Tamara to scale operations and deepen its position in the market.
The company aims to expand with new credit and payment offerings.
This move aligns closely with the strategic goals of Saudi Arabia's Vision 2030 and its Financial Sector Development Program (FSDP) to boost the national economy.
The FSDP aims to enable financial institutions to support private sector growth and advance capital markets.
Tamara’s facility serves as a prime example of this strategy in action, attracting significant support from global financial institutions and validating the Kingdom as a growing hub for inward investment.
The deal also reflects a commitment by Tamara and its partners to localised investment practices that foster sustainable growth within the regional ecosystem.
Backed by prominent domestic investors such as Sanabil Investments, Tamara is firmly embedded within the nation's economic transformation agenda.
As the company looks to expand its offerings and regional footprint, the facility provides a powerful platform for its next phase of growth.
"Today’s milestone brings us one step closer to helping people own their dreams.” Abdulmajeed notes.