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TAMARA LANDS $1 BILLION VALUATION WITH $340M SERIES C FUNDING, LED BY SNB
CAPITAL AND SANABIL INVESTMENTS, MAKING IT THE FIRST SAUDI FINTECH UNICORN
STARTUP



Tamara plans to deploy funds on new products and services, going beyond BNPL and
targeting opportunities in shopping, payments and banking services in Saudi
Arabia and across the GCC

Riyadh, Saudi Arabia - 18 December 2023 – Tamara, the leading fintech platform
to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the
historic milestone of becoming the Kingdom’s first homegrown fintech unicorn by
securing $340 million in a Series C equity funding round. 

This round was co-led by SNB Capital, the leading regional financial
institution, and Sanabil Investments, a wholly owned company by the Public
Investment Fund (PIF) with participation from Shorooq Partners, Pinnacle
Capital, Impulse and others, joining existing investors such as Coatue, Endeavor
Catalyst and Checkout.com. It is also among the largest investments in a fintech
company in the region, following on from last month when the Company secured
additional debt financing to upsize its warehouse facility to up to $400
million, led by Goldman Sachs and Shorooq Partners. With this transaction,
Tamara will have raised a total of $500 million in equity funding, and well
above $400M in debt financing since its inception in late 2020. 

Tamara operates in KSA, where it is headquartered, UAE and Kuwait and has more
than 10 million users, over 30,000 partner merchants and reported six times
annual run rate revenue growth in less than two years. The Company was
established in late 2020 and founded by three Saudi co-founders, Abdulmajeed
Alsukhan, Turki Bin Zarah and Abdulmohsen Al Babtain. It was also one of the
first companies to be granted a permit to provide BNPL services from the Saudi
Central Bank (SAMA).

Abdulmajeed Alsukhan, Co-founder, and CEO of Tamara said: “Saudi Arabia deserves
its place on the world stage for financial technology. Just as Tamara was
created by local entrepreneurs, nurtured by a supportive local ecosystem and
market regulators, we stand here today, humbled and hungry, ready for our own
leapfrog moment. This achievement is a testament to the ecosystem, to our
incredible team, investors, and the collaborative spirit that makes this region
a great place for talent to flourish. As we set our sights on becoming the next
big giant in shopping, payments and banking we remain ever grateful for the
significant opportunity in this underpenetrated and underserved banking and
financial services landscape. Furthermore, The Saudi Central Bank (SAMA) has
been instrumental in creating an enabling environment for Saudi companies like
Tamara to grow and innovate in the Saudi fintech sector.”

A spokesperson from SNB Capital stated, “Leading on the Series C raise for
Tamara through SNB Capital's Close-Ended Fintech Fund aligns with one of our
objectives to invest in single target companies achieving long-term capital
appreciation. Fintech is one of the core investment sectors in SNB Capital’s
strategic portfolio and is aligned with the Kingdom’s Vision 2030 objective of
supporting fintech entrepreneurs at every stage of their development.  As a
Saudi unicorn Tamara requires significant funding options which SNB Capital is
ideally positioned to deliver, and backing the development of the fintech
infrastructure which will support further growth.”

A spokesperson from Sanabil Investments added, “Our continued backing and
investment in Tamara underscores our unwavering confidence in Tamara’s
remarkable growth trajectory. At Sanabil, one of our missions is to empower
visionary ideas, turning them into impactful realities. We constantly seek
innovations that address pressing market demands while ensuring scalability and
sustainability. In Tamara, we have discovered a team with the potential to
revolutionize financial services, not only within Saudi Arabia but on a regional
scale.”

Recently, Tamara has taken the decision to remove late payment fees,
highlighting its dedication to offering financial solutions that align with
Sharia principles, customer centricity and transparency. Tamara consistently
strives to uphold a socially responsible business ethos, and this change is a
testament to its ongoing commitment to boosting customer satisfaction, ensuring
a seamless, compliant and reliable financial journey for everyone. 

The Company’s offering makes it a commerce enabler to its partners through the
surge in high intent shoppers resulting from co-marketing and a flexible,
seamless payment journey. Tamara’s partners include regional and global brands
such as SHEIN, IKEA, Jarir, Noon, eXtra and Farfetch as well as local small and
medium businesses. Today, over one-third of Tamara’s users start their shopping
journey from the app itself, which leads to a significantly higher return on
advertising spend for Tamara’s partner merchants.

Saudi Arabia, and the GCC, are experiencing a rapid and unprecedented growth
despite the challenging global macroeconomy. Tamara’s vision goes in parallel to
this growth, believing future opportunities are significant with the fintech
sector booming across the region. The current lending penetration in Saudi
Arabia stands at around 30%, indicating a tremendous growth potential compared
to mature markets like Europe, the US or Australia where figures range between
50% to 70%. The region presents abundant opportunities, as cash on delivery
commands a significant share of checkout in a thriving e-commerce market, and as
the banking sector evolves from its traditional practices.

Buy Now, Pay Later (BNPL) is growing rapidly in Saudi Arabia, with the number of
customers registered with a service going from 76 thousand in 2020, to 3 million
in 2021, and reaching 10 million in 2022, according to the SAMA Fintech 2022
report. With nearly 30% of the population using BNPL, the industry is being
driven by a number of factors, including the increasing popularity of
e-commerce. Furthermore, the digital payment volumes are forecasted to grow by
20% CAGR till 2025, reaching 13 billion transactions with a total value of $170
billion.

--------------------------------------------------------------------------------

Contact

pr@tamara.co





Brunswick

Jade Mamarbachi / Tamara Malaeb

tamara@brunswickgroup.com

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