Tamara Secures $100 Million in Series B Funding Round

Tamara, a Saudi financial technology startup, recently announced that it has raised $100 million in the latest Series B funding round led by Sanabil Investments. According to the details shared by Tamara, the fintech firm witnessed 10x YoY growth in revenues.

In January 2021, Tamara closed its $6 million seed funding round. In April last year, the firm secured $110 million in its Series A round led by Checkout.com. Through the recent Series B funding, Tamara is planning to expand its presence in the growing MENA region.

Abdulmajeed Alsukhan, Tamara’s Co-Founder and CEO, said: “Our mission is to deliver an exceptional experience to our customers by offering transparent, seamless, and inclusive payment solutions. Tamara has established itself as the trusted, reliable, and sustainable local partner for any regional or global business looking to expand in Saudi Arabia and MENA.”

“We act as a marketing and discovery channel for our partner merchants to drive new customers and incremental sales online and in-store. After working with Tamara, our partners have seen on average 40% higher average order value, 20% lower cash on delivery, 15% higher conversion, and significantly lower order return rates,” he added.

The adoption of innovative technologies across Saudi Arabia has increased substantially in the past few years. As a result, the country’s fintech sector attracted approximately $347 million worth of investment in 2021. Saudi Arabia is home to some of the most valuable fintech startups in the MENA region.

Payment Method

Remo Giovanni Abbondandolo, the VP for MENA at Checkout.com, believes that Tamara has gained popularity among customers across the region as a payment method.

“As the leading payments provider in MENA, Checkout.com's investment demonstrates our belief in Tamara's exceptional team and our commitment to supporting digital growth in the region. As such, Checkout.com will also serve Tamara as a payment method to our merchants – to compound growth in one of the fastest-growing markets globally,” Abbondandolo added.