Gulf-based Tamara, a buy now, pay later (BNPL) company, said on Thursday it had agreed an up to $150m funding facility with Goldman Sachs to help finance its growth.
The loan, known as a receivables warehouse facility, brings Tamara’s total funding in equity and debt to $366 million since its launch in September 2020, it said in a statement.
In August, Tamara raised $100 million in a fundraising round that included Sanabil Investments, which is owned by Saudi Arabia’s sovereign Public Investment Fund.
The Riyadh-headquartered company has signed up six million customers since its start, it said the statement. It is among the Gulf Arab region’s largest BNPL providers and its competitors include Dubai-based Tabby, which says it has three million active users.
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“It is crucial for us to work with global and regional financial partners with strong balance sheets that have the capacity to provide incremental funding to support our vision,” Tamara co-founder and CEO Abdulmajeed Alsukhan said in the statement.
He said the financing deal was “the first of its kind in the region”.
Source: Reuters
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