Tamara Secures Landmark $2.4B Facility, Amplifying Saudi Fintech Ambitions

Tamara, Saudi Arabia’s first homegrown fintech unicorn, has landed what’s being called the region’s biggest asset‑backed facility to date—worth up to $2.4 billion. The deal brings heavyweight backing from global giants such as Goldman Sachs, Citi, and Apollo funds, and it’s a hefty step up from the firm’s earlier $500 million facility that had already been arranged by Goldman Sachs.

The announcement dropped during the Money 20/20 Middle East conference in Riyadh, a fitting stage given the sector’s fast pace of change in the Kingdom. What’s eye‑catching here is that the arrangement starts with $1.4 billion upfront, and another $1 billion held in reserve, subject to approvals, over a three‑year period. Essentially, it puts a lot more firepower in Tamara’s hands to widen its offering and push harder into new credit and payment products.

Abdulmajeed Alsukhan, Tamara’s co‑founder and chief executive, described the facility as a milestone moment, noting that it would accelerate the company’s aim of building “the most customer‑centric financial super‑app on earth.” Big words, yes, but not out of step with the ambition we’ve seen from Saudi startups lately. And I reckon it shows just how determined the company is to position itself as more than just a buy‑now‑pay‑later provider.

From conversations around Arageek, there’s a sense that deals of this scale are a shot in the arm for the whole ecosystem. I remember when I first sat in on a pitch session in Jeddah a few years back—back then, raising even a few million felt like climbing Everest. Fast‑forward to today, and we’re chatting about multi‑billion‑dollar facilities. Spot on proof of how quickly the market’s matured.

Beyond fuelling expansion, the financing underlines Saudi Arabia’s Vision 2030 agenda and the Financial Sector Development Program. The plan is not just about turbo‑charging Tamara’s growth but also about encouraging private sector lending, drawing more international capital, and cementing Riyadh as an attractive hub for inward investment. On the flip side, it does raise the bar for other local players; chasing global capital at that scale won’t be a walk in the park.

Tamara already serves more than 20 million customers and supports transactions with over 87,000 merchants. That’s a sizeable chunk of the regional digital economy already woven into its fabric. With this facility locked in, the company’s lending capacity will grow considerably, making it easier to branch out into fresh products while deepening its footprint across the region.

All in all, while it’s easy to get dazzled by the headline number, the real story lies in the direction of travel. Global banks don’t put their cash on the line for a laugh—it shows trust in the Saudi market and confidence in Tamara’s long‑term vision. As someone who’s watched young founders juggle pitch decks and scrape together seed money, seeing a company from the Kingdom nail a deal like this is… well… quite something. And I’m chuffed to bits, because it definately reminds us that bold bets in MENA can and do pay off.

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