A Saudi company reached a $1 billion valuation in just 4 years… how did Tamara achieve this?
At a time when the fintech sector in the Gulf is witnessing unprecedented growth, Tamara has emerged as one of the fastest-growing companies in the region. In just a few years, it became the first Saudi “Buy Now, Pay Later” (BNPL) company to surpass a $1 billion valuation, earning the coveted “unicorn” status in a highly competitive market.
Founded in 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al-Babtain, the company was established with a mission to transform traditional payment experiences. It introduced a model that allows users to split payments without interest, aligning with the rapidly evolving consumer behavior in Saudi Arabia and the wider Gulf region.
Within a short period, Tamara achieved significant market penetration, now serving over 10 million users. This growth is supported by a network of more than 30,000 merchants and partners, including major brands across retail, fashion, and electronics. Such rapid expansion highlights the increasing reliance on flexible payment solutions within the region’s e-commerce ecosystem.
On the financial side, one of the company’s most notable milestones came during its Series C funding round, where it raised $340 million. This round pushed its valuation beyond the $1 billion mark, making it the first Saudi BNPL company to reach unicorn status.
In addition to equity funding, Tamara has secured billions of dollars in total financing, including credit facilities, enabling it to scale regionally and continuously enhance its technological infrastructure.
From a regulatory perspective, the company obtained an official license from the Saudi Central Bank (SAMA) to offer BNPL services, strengthening market trust and accelerating its expansion within Saudi Arabia and beyond.
This growth coincides with a sharp rise in Saudi Arabia’s e-commerce sector, which is now worth hundreds of billions of riyals annually. This environment has created fertile ground for BNPL solutions, especially as consumers increasingly shift toward online shopping.
Today, Tamara is no longer just a fintech startup. It has become a core player in the region’s digital payments ecosystem, with ongoing expansion plans focused on strengthening financial services, deepening partnerships with leading brands, and solidifying its position as a key driver of the future of digital commerce in the Gulf.
