Saudi-based fintech firm Tamara, which recently raised $110m as part of series A round, is now looking at further expanding its product portfolio. The ‘buy now pay later’ (BNPL) firm, which launched in 2020, has already seen strong traction in its home market and is looking to expand across the GCC by the end of this year. Tamara, which claims to be Saudi Arabia’s fastest-growing BNPL provider, allows consumers new ways to pay online – either splitting balances over three payments or paying 30 days later. It has grown its base across Saudi Arabia and the UAE to over 1,000 merchants, including the likes of Namshi, Floward, SACO, Nice One, Whites, and Nejree.
Tamara, which was the first BNPL firm to be enrolled in the Saudi Central Bank (SAMA)’s Sandbox programme, is also investing in its tech to ensure that it offers an easy experience for its users. It’s very important to have reliable tech, and when it comes to the cloud services, reliability is very important. For the fintech industry, this multiplies by 100, because one of the main values that we provide is reliability, trust, and we can only do that with a reliable partner such as Oracle. They provided with a very simple way to scale the business, nothing complicate. Looking to the future, with the BNPL market expected to grow 400 per cent, reaching an estimated $680bn in transaction volume globally by 2025, Tamara is looking to leverage its strong growth to tap into the potential in the region.