Saudi Arabia’s first homegrown fintech unicorn, Tamara, has secured an asset-backed facility of up to $2.4 billion, the largest of its kind in the region.
The transaction involves global financial institutions including Goldman Sachs, Citi, and Apollo funds, fully refinancing and expanding a previous $500 million facility arranged by Goldman Sachs.
The announcement was made at the Money 20/20 Middle East conference in Riyadh. The deal includes an initial $1.4 billion, with an additional $1 billion available over the next three years, pending regulatory approvals.
The capital will fuel Tamara’s expansion into new credit and payment products while reinforcing its long-term vision of building a financial super-app.
“This landmark facility with our global financing partners accelerates our growth trajectory, empowering us to invest further in building the most customer-centric financial super-app on earth,” said Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara. “Today’s milestone brings us one step closer to helping people own their dreams.”
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The facility significantly enhances Tamara’s lending capacity and positions the company to scale beyond its current 20 million customers and 87,000 merchant partnerships.
It also reflects alignment with Saudi Arabia’s Vision 2030 and the Financial Sector Development Program (FSDP), which emphasize private sector growth and the development of capital markets.
Since raising $340 million in a Series C round in December 2023, Tamara has cemented its status as the Kingdom’s leading fintech.
With this new facility, the company is poised for wider regional expansion and deeper product diversification, reinforcing Saudi Arabia’s standing as a growing hub for fintech innovation and global investment.
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