Tamara, a BNPL fintech, nabs $100 million
Tamara, a Saudi Arabia-based BNPL fintech, raised $100 million in a Series B round led by Sanabil Investments.
Why it matters: This now rarely seen kind of mega round in a consumer BNPL comes as the Saudi Arabian government makes a concerted effort to boost the fintech sector as part of its Vision 2030 plan.
Context: Long dependent on oil, Saudi Arabia is diversifying its industries, and Fintech has become a key part of that effort. The country plans to increase its number of fintech firms from 90 in 2020 to 230 by 2025.
Details: Sanabil, backed by Saudi Arabia's Public Investment Fund, is working directly to make the country's Saudi Vision 2030 plan a reality.
- Echoing language in the plan, Tamara says it's focused on "driving financial inclusion across the Middle East." The company claims to have about 3 million customers.
- Other investors include Coatue, Shorooq Partners, Endeavor Catalyst and Checkout.com.