RIYADH: Buy-now-pay-later (BNPL) platform Tamara has secured funding of $110 million and plans to use the new cash injection to expand its operations across the GCC.
The largest Series A funding ever in the Middle East and North Africa (MENA), the news comes just six months after Riyadh-based Tamara launched in September last year.
Founded by entrepreneur Abdulmajeed Alsukhan and his partners Turki Bin Zarah and Abdulmohsen Albabtain, Tamara was the first BNPL firm to be part of the Saudi Central Bank’s Sandbox fintech development program.
Tamara allows shoppers to purchase goods and services and delay the payment for 30 days, or spilt the purchase into three payments spread over two months.
The company has signed up around 1000 merchants to its platform, including Namshi, Floward, SACO, Nice One, Whites and Nejree. It has reported healthy average monthly growth rates, with its user base growing 180 percent month-on-month and transaction volumes increasing 170 percent on average each month.
“Tamara was born to make a change. The region and the world need payment solutions that are transparent and customer-oriented. At Tamara, we offer our customers an alternative to credit cards and Cash on Delivery (COD), which enhances their shopping experience,” Abdulmajeed Alsukhan, Tamara’s co-founder and CEO, said in a press statement.
Operating in Saudi Arabia and the UAE, Tamara also has offices in Vietnam and Germany.
Saudi buy-now-pay-later firm raises $110m in funding
https://arab.news/278vg
Saudi buy-now-pay-later firm raises $110m in funding
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Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
