Tamara Secures $2.4 Billion Asset-Backed Facility
Tamara, Saudi Arabia’s first homegrown fintech unicorn, has secured up to $2.4 billion in an asset-backed facility. The deal includes contributions from leading global financial institutions such as Goldman Sachs, Citi, and Apollo funds. It represents the largest facility of its kind in the region, fully refinancing and expanding on a prior $500 million agreement arranged by Goldman Sachs.
The transaction, unveiled during a major regional fintech conference, is structured with an initial $1.4 billion and an additional $1 billion available over three years, pending further approvals. This structure highlights confidence in the company’s growth trajectory and strengthens Saudi Arabia’s position as a hub for investment.
Funding to Support Product Diversification
The newly secured capital will power Tamara’s strategy to expand into new credit and payment solutions. With this move, the company aims to enhance its customer-focused approach and build a more comprehensive financial super-app. Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara, stated, “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. Today’s milestone brings us one step closer to helping people own their dreams.”
By leveraging the new facility, Tamara plans to diversify its offerings, strengthen financial inclusion, and enhance user experience across the region. Consequently, the agreement reflects not only Tamara’s vision but also the strategic commitment of its partners toward localized investment practices.
Driving Growth in Line with Vision 2030
The facility significantly increases Tamara’s lending capacity, giving it the ability to grow well beyond its current 20 million customers. At the same time, it aligns with Saudi Arabia’s Vision 2030 and the Financial Sector Development Program (FSDP). Both initiatives aim to strengthen private sector growth, attract international investment, and accelerate the development of capital markets.
Currently, Tamara enables transactions across more than 87,000 merchants, and this new funding will further fuel its regional expansion. Since raising $340 million in a Series C round in December 2023, the company has quickly become a vital player in the fintech ecosystem, reinforcing its role as a cornerstone of Saudi Arabia’s digital economy.
