Goldman backs fintech Tamara with USD 150 mln debt facility

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Saudi-based fintech Tamara has secured a USD 150 million debt facility from Goldman Sachs to develop throughout its vary of monetary merchandise.

 

Based in 2021, Tamara has emerged as one of many Gulf area’s Purchase Now, Pay Later firms, having now raised USD 366 million in debt and fairness. It counts a subsidiary of Saudi Arabia’s sovereign wealth fund and Checkout.com amongst its buyers.

Tamara receives a USD 150 million debt facility from Goldman Sachs

How will the funding be used?

Tamara will use Goldman’s USD 150 million ‘receivables warehouse facility’ — which it says is a primary within the Center East — to fund enlargement throughout product traces in buying, funds, and banking. The Riyadh-based startup has a buyer base of 6 million and greater than 350 workers unfold throughout places of work in Saudi Arabia, the United Arab Emirates, Egypt, Germany, and Vietnam. 

Tamara facilitates funds for hundreds of retailers, together with manufacturers like IKEA and H&M. It continues to see important potential for progress within the area, the place bank card utilization lags extra mature markets.

Regionally, the agency competes with the likes of Dubai-based Tabby — which has additionally attracted important international capital, together with from buyers such Sequoia Capital India. A USD 58 million funding spherical earlier in 2023 valued the startup at virtually USD 700 million.

The funding lanscape

The Goldman facility comes at a time when startups world wide are battling headwinds together with rising rates of interest. The collapse of Silicon Valley Financial institution despatched additional shock-waves by way of the sector.

Tamara’s officers stated that the fintech sector is present process a fast transformation and has acquired important world funding in recent times. The GCC, particularly Saudi Arabia, continues to exhibit sturdy progress regardless of the worldwide macroeconomic slowdown.

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