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Tamara secures new debt financing, upsizes facility to up to $400 million led by Goldman Sachs and Shorooq Partners
14 November 2023 - Tamara, the leading fintech platform to shop, pay, and bank in Saudi Arabia and the wider GCC region, has secured an additional up to $250 million in debt financing, bringing its total warehouse facility to up to $400 million. The facility consists of an incremental up to $200 million of senior debt arranged by Goldman Sachs, bringing the total senior warehouse facility to up to $350 million, plus a further up to $50 million mezzanine tranche led by Shorooq Partners.
The new financing will support Tamara’s ongoing strong demand for its flagship BNPL product and release capital for investments into new products and services.
Stefan Marciniak, CFO, Tamara, said: “We are pleased to announce this significant debt financing, a testament to our excellent operational performance to date and our future growth outlook. In a challenging economic climate, we are grateful to Goldman Sachs and Shorooq Partners for their support. These funds will catapult us forward, enabling us to further develop our flagship BNPL product, and invest in new, innovative products and services, which will further strengthen our position as a leader in the industry.”
Rajiv Shah, Head of Financing Middle East and North Africa, Goldman Sachs, added: “GS is pleased to support Tamara with this additional debt financing in this nascent sector and provide the company with the flexibility needed to expand their product and service offerings, giving a timely boost to the marketplace.”
Nathan Kwon, Principal at Shorooq Partners, stated: “We want to support the local Saudi fintech ecosystem and we are pleased to be strengthening our partnership with Tamara. This financing will catalyze their growth, bolstering their product and service portfolio. The region is poised for remarkable progress, and we are excited to be a part of it.”
Tamara is the leading shopping and payments platform in Saudi Arabia and the GCC region, with a mission to empower people in their daily lives and revolutionize how they shop, pay, and bank. The company was founded by serial entrepreneur Abdulmajeed Alsukhan along with his partners Turki Bin Zarah and Abdulmohsen Al Babtain. Tamara has over 500 employees and operates out of its headquarters in Riyadh, Saudi Arabia; and has offices in the UAE, Egypt, Germany, and Vietnam.
Tamara has more than 9 million users and more than 26,000 merchants including leading global and regional brands such as SHEIN, Jarir, Noon, Ikea, H&M, Farfetch alongside local small and medium businesses. The Company is backed by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), Checkout.com, Coatue, Shorooq Partners, and Endeavor Catalyst among others.
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