Tamara, a rising star in Saudi Arabia’s startup ecosystem announced last week that it had raised $6 million (SAR 22.5 million) in a now-completed seed funding round. The round, led by Impact 46, also saw valuable contributions coming from local and regional investors including Vision Ventures, Hala, Wealth Well, Nama, Khwarizmi, as well as multiple family offices.
Indeed a landmark achievement for the buy-now-pay-later platform considering that this is being hailed as the largest-ever seed round in Saudi in terms of the size of the capital raised.
Just in case you are out of the loop, Tamara is a FinTech platform that offers e-stores and retail businesses the ability to exchange cash on delivery. The company has grown significantly and is scoring one milestone after another since it was granted admission into SAMA’s FinTech Sandbox.
Speaking on the recent progress of the company, Abdulmajeed Alsukhan, Co-founder and CEO at Tamara, commented, “We enable merchants to grow their sales and entice their customers with our Buy-Now-Pay-Later and installment services that do not include any fees the customer has to pay. We strongly believe Tamara will be a game-changer for both merchants and customers. It will positively re-shape the purchasing power in the market.”
Despite being quite your, Tamara has already had the distinction of collaborating with multiple leading regional merchants including Whites, Namshi, Toys R Us, Floward, and Saif Gallery, among others.
Tamara plans on deploying the newly raised capital to further expand its operations and growth rate in Saudi Arabia and the UAE.
