E-commerce payment processor Checkout.com has led a $110m series A debt and equity round for Tamara, the Saudi Arabia-headquartered operator of a buy-now, pay-later (BNPL) service, Bloomberg reported yesterday.
Founded in July 2020 and launched two months later, Tamara offers online customers in Saudi Arabia and the United Arab Emirates the opportunity to buy items and pay for them in either a month’s time or through three monthly instalments.
The service covers Visa, Mastercard, Mada and Apple Pay and is Shariah-compliant as buyers are not required to pay a fee or interest, the revenue instead coming from the businesses selling the goods. The capital will support the growth of Tamara’s team as it looks to expand to other markets within the Middle East.
Sebastian Reis, executive vice-president of e-commerce for Checkout.com, said: “As the partner of choice for the region’s leading e-commerce 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, driving greater conversions for retailers and offer more flexibility for consumers.”
The round is reportedly the largest series A yet to be raised by a Saudi Arabia-based startup, and it comes two months after Tamara secured $6m in seed funding from Impact46, Vision Ventures, Wealth Well, Seedra Ventures, Khwarizmi Ventures, Hala Ventures, Nama Ventures and unnamed family offices.
