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- Tamara
Tamara Revenue, Valuation, Funding & Investors
Tamara is valued at $1B as of December 2023, a 2.8x multiple on its last reported $360M revenue.
Last Tamara valuation
$1B
Series C · Dec 2023
Last Tamara funding round
$340M
Series C · Dec 2023
Tamara revenue
$360M
Series C · Dec 2023
Key investors in Tamara
Checkout.com
Coatue
Endeavor Catalyst
Shorooq Partners
Sanabil
Bossa Invest
About Tamara
Tamara is a buy-now-pay-later platform that enables installment payments for online shopping across Saudi Arabia and the GCC region. Headquartered in Riyadh with additional offices in the United Arab Emirates, Egypt, Germany, and Vietnam, the company launched operations in September 2020. Tamara partners with major retailers such as SHEIN, Jarir, Noon, IKEA, and H&M alongside thousands of local merchants to facilitate flexible payment options for consumers.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Commission
Revenue
$360M (Dec 2023)
Valuation
$1B (Dec 2023)
Tamara Valuation
Tamara is currently valued at $1B, based on its Series C in December 2023.
The $340M round was led by Sanabil and Saudi National Bank, with participation from Pinnacle Capital, Shorooq Partners, Checkout.com, Saudi Arabia's Public Investment Fund, Endeavor Catalyst and 1 other investor.
Tamara valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2023 | Series C | $1B | 2.8x |
Tamara Revenue
Tamara's latest recorded revenue is $360M, as of its Series C in December 2023. At a $1B valuation, that implies a 2.8x revenue multiple.
Tamara revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2023 | $360M | $1B | 2.8x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Tamara Funding History
Tamara has raised a total of $556M across 4 funding rounds.
Tamara's first fundraising round was a $6M seed round in January 2021. The most recent completed round was a $340M Series C in December 2023.
Tamara funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2023 | Series C | Sanabil (lead); Saudi National Bank (lead); Pinnacle Capital; Shorooq Partners; Checkout.com; Saudi Arabia's Public Investment Fund; Endeavor Catalyst; Coatue | $340M | $1B | Tamara is a Saudi Arabia-based buy now, pay later (BNPL) fintech platform that enables consumers to shop, pay in installments, and access banking services across Saudi Arabia, the UAE, and Kuwait. Founded in late 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al Babtain, the company operates as a commerce enabler for both regional and global merchants including SHEIN, IKEA, Jarir, Noon, eXtra, and Farfetch, as well as local small and medium businesses. The platform is fully Sharia-compliant and removed late payment fees to align with Islamic financial principles and enhance customer satisfaction. In December 2023, Tamara raised $340 million in a Series C equity funding round at a post-money valuation of $1 billion, achieving unicorn status and becoming Saudi Arabia's first homegrown fintech unicorn. The round was co-led by SNB Capital (a unit of Saudi Arabia's largest bank) and Sanabil Investments (owned by the Public Investment Fund), with participation from Shorooq Partners, Pinnacle Capital, Impulse Growth, and existing investors including Coatue, Endeavor Catalyst, and Checkout.com. This Series C followed debt financing of $400 million secured in November 2023 led by Goldman Sachs and Shorooq Partners to expand the company's warehouse facility. Tamara's primary revenue stream is derived from merchant discount rates, which contribute significant value by improving conversion rates and increasing average order value for merchants. The company reported 300% revenue growth over the two years preceding the Series C round. The platform had achieved strong operational traction, with more than 10 million users and over 30,000 partner merchants. In-store transactions accounted for more than 25% of Tamara's business at the time, with projections to exceed 30% in the coming year, driven by the company's card feature designed for offline merchants. The $340 million Series C funding was allocated toward introducing new products and services beyond BNPL, expanding the company's presence in shopping, payments, and banking services across Saudi Arabia and the GCC region. The company's total equity fundraising reached $500 million, with debt financing exceeding $400 million since inception. Tamara's chief executive indicated plans to pursue a potential listing in Saudi Arabia with the possibility of secondary listings in other markets. |
| Aug 2022 | Series B | Sanabil (lead); Shorooq Partners; Checkout.com; Endeavor Catalyst; Coatue; Bossa Invest | $100M | - | Tamara is a Saudi Arabia-based buy now, pay later (BNPL) fintech platform founded in 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Albabtain, offering installment payment solutions and operating in Saudi Arabia, UAE, Bahrain, and Kuwait. It was the first BNPL to enroll in the Saudi Central Bank's Sandbox program and focuses on financial inclusion in the Middle East. In August 2022, Tamara raised $100 million in a Series B equity round led by Sanabil Investments (a Public Investment Fund entity), with participation from Coatue, Shorooq Partners, Endeavor Catalyst, and existing investor Checkout.com. The Series B funding underscored Tamara's potential to transform financial services and shopping in the region, with backers like Coatue noting opportunities to broaden its product portfolio and innovate in payments. Post-Series B, Tamara continued rapid expansion, achieving over 10 million users and 30,000 partner merchants including brands like SHEIN, IKEA, Jarir, Noon, eXtra, and Farfetch. In December 2023, Tamara raised $340 million in a Series C round co-led by Sanabil Investments and SNB Capital (PIF-owned), with Shorooq Partners, Pinnacle Capital, Impulse, Coatue, Endeavor Catalyst, and Checkout.com, reaching a $1 billion post-money valuation and unicorn status. This brought total equity funding to $500 million and debt over $400 million, following a $400 million debt facility upsized with Goldman Sachs and Shorooq Partners. Funds supported expansion into shopping, payments, and banking services across the GCC, competing with firms like Tabby (valued at $1.5 billion in 2023). BNPL adoption surged in Saudi Arabia, with registered customers growing to 10 million by 2022 per SAMA reports. |
| Apr 2021 | Series A | Checkout.com (lead) | $110M | - | Tamara is a Saudi Arabian buy now, pay later (BNPL) platform founded in late 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Albabtain. The company operates in Saudi Arabia and the UAE with two main products: 'Pay in 30 days' and 'Pay in 3,' available both online and in-store through its consumer app. Tamara was the first BNPL firm to be enrolled in the Saudi Central Bank's sandbox programme. In April 2021, Tamara closed a $110 million Series A round led by Checkout.com, representing the largest Series A funding for a fintech in the Middle East and North Africa (MENA) at that time. The round was structured as combined debt and equity, with sources indicating that a significant portion was likely debt given the nature of the business, though the exact breakdown was not disclosed. This followed a $6 million seed funding round in January 2021, which was Saudi Arabia's largest seed round at the time. Checkout.com's investment was intended to help Tamara expand its team, enter new GCC countries, and scale distribution of its BNPL product. By December 2023, Tamara had achieved a valuation exceeding $1 billion in its Series C round, having raised a total of $500 million in equity funding and over $400 million in debt financing since inception. The company's revenue had grown 300% over the two years preceding the Series C, with primary revenue derived from merchant discount rates. In-store transactions accounted for over 25% of Tamara's business at that time, with plans to expand further into shopping and financial services across the GCC region. |
| Jan 2021 | Seed | Impact46 (lead); Vision Ventures; SEEDRA Ventures; Wealth Well; Nama Ventures; Tech Invest Com; Khwarizmi Ventures; HALA Ventures | $6M | - | Tamara is a Saudi Arabia-based Buy Now, Pay Later (BNPL) fintech platform founded in 2020. The company provides installment payment services for consumers and merchants across e-commerce and retail, allowing customers to defer purchases without fees while enabling merchants to increase sales. Tamara had joined SAMA's Fintech Sandbox and was the first BNPL provider granted an official sandbox license in the Saudi market. In January 2021, Tamara closed a $6 million Seed round led by Impact46, which was the largest seed funding round ever raised by a Saudi startup at that time. The round included participation from prominent regional investors including Vision Ventures, Wealth Well, Seedra Ventures, Khwarizmi Ventures, Hala Ventures, and Nama Ventures, plus multiple family offices. By the time of the Seed round, Tamara had already established partnerships with major regional e-commerce brands and enablers including Namshi, Whites, Floward, Saif Gallery, Toys R Us, Salla, and Zid. The company later achieved significant growth, raising a $110 million Series A in April 2021 and eventually reaching a $1 billion valuation in its December 2023 Series C round, becoming Saudi Arabia's first fintech unicorn. |
Who has invested in Tamara?
17 investors have backed Tamara across its funding rounds, including Checkout.com, Coatue, Endeavor Catalyst, Shorooq Partners, Sanabil and Bossa Invest.
Lead investors include Sanabil, Saudi National Bank, Checkout.com and Impact46.
Tamara Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Apr 2021 | ||
| 2 | Participant | Aug 2022 | ||
| 2 | Participant | Aug 2022 | ||
| 2 | Lead | Aug 2022 | ||
| 2 | Participant | Aug 2022 | ||
| 1 | Participant | Dec 2023 | ||
| 1 | Lead | Dec 2023 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Lead | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Dec 2023 | ||
| 1 | Participant | Jan 2021 | ||
This data is available for Pro users. Sign up to see all 17 Tamara investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Tamara
Tamara has acquired 1 company to date.
Last acquisition by Tamara was on January 1st 2024. Tamara acquired TSMC for undisclosed valuation.
Latest Acquisitions by Tamara
| Description | Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people. |
| HQ Country | |
| HQ City | Taipei |
| Deal Date | 1 Jan 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Tamara acquisitions and their M&A valuation multiples. Start Free Trial | |
Tamara Competitors
Tamara competitors include listed companies like PicPay and Green Dot, and private ones like DANA, Lydia, WeBank and Sunbit.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $941M | - | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $1.2B | $205M | $1.2B | 0.5x | ||
| Publicly listed | $2.1B | ($12M) | $751M | 0.3x |
Tamara Public Comps
Tamara is still privately-owned, but its public comps include Arzan Financial Group, Agibank, Qfin Holdings, Upbound, Standard Chartered Bank Kenya, Superbank Indonesia, Forbright Bank, Yixin Group, Navient and Deluxe.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $37M | - | 32.4x | - | - | - | |||
| $1.3B | $227M | 0.8x | 0.6x | 4.4x | 5.3x | |||
| $2.4B | - | 0.8x | 0.8x | - | - | |||
| $4.7B | $1.7B | 0.6x | 0.6x | 1.5x | 5.2x | |||
| $323M | - | 3.0x | - | - | - | |||
| $89M | - | 10.8x | - | - | - | |||
| $325M | - | 2.9x | - | - | - | |||
| $1.7B | $287M | 2.9x | 2.7x | 17.4x | 16.2x | |||
This data is available for Pro users. Sign up to see all Tamara competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tamara
| When was Tamara founded? | Tamara was founded in 2020. |
| Where is Tamara headquartered? | Tamara is headquartered in Riyadh, Saudi Arabia. |
| Is Tamara publicly listed? | No, Tamara is a private, VC-backed company. |
| What is Tamara's valuation? | Tamara was last valued at $1B in its Series C in December 2023. |
| How much funding has Tamara raised? | Tamara has raised $556M across 4 funding rounds. |
| What was Tamara's last funding round? | Tamara's last funding round was a $340M Series C in December 2023, led by Sanabil and Saudi National Bank. |
| Who are Tamara's investors? | Tamara's investors include Checkout.com, Shorooq Partners, Endeavor Catalyst, Sanabil, Coatue, Pinnacle Capital, Saudi National Bank, Vision Ventures, SEEDRA Ventures, Impact46 and 7 others. |
| What is Tamara's revenue? | Tamara's latest recorded revenue is $360M (December 2023). |
| What is Tamara's revenue multiple? | Tamara's latest valuation implies a 2.8x revenue multiple ($1B valuation on $360M of revenue). |
| Which companies are comparable to Tamara? | Companies comparable to Tamara include DANA, Lydia, WeBank, Sunbit, PicPay and Green Dot. |
| How many companies has Tamara acquired? | Tamara has acquired 1 company, including TSMC. |
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