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
- BNPL taking off across region
- Comes as household budgets under pressure
Saudi Arabia approves annual borrowing plan for 2026
RIYADH: Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan on Saturday approved the Kingdom’s annual borrowing plan for the 2026 fiscal year, following its endorsement by the NDMC’s Board of Directors, the Saudi Press Agency reported.
The plan outlines key developments in public debt during 2025, initiatives aimed at strengthening local debt markets, and the funding strategy and guiding principles for 2026, SPA added.
It also includes the issuance calendar for the Local Saudi Sukuk Issuance Program in Saudi riyals for the year.
According to the plan, the Kingdom’s projected funding needs for 2026 are estimated at approximately SR217 billion ($57.8 billion).
This is intended to cover an anticipated budget deficit of SR165 billion, as set out in the Ministry of Finance’s official budget statement, as well as principal repayments on debt maturing during the year, estimated at around SR52 billion.
The plan aims to maintain debt sustainability while diversifying funding sources across domestic and international markets through both public and private channels.
Funding will be raised through the issuance of bonds, sukuk and loans at fair cost, according to the SPA report.
It also outlines plans to expand alternative government financing, including project and infrastructure funding and the use of export credit agencies, during fiscal year 2026 and over the medium term, within prudent risk management frameworks.
