Saudi Fintech Tamara Secures Landmark US$2.4Bn Asset-Backed Facility

Tamara, the first homegrown Saudi fintech unicorn, has secured the largest asset-backed facility of its kind in the region, valued at up to US$2.4 billion, from major financial institutions including Goldman Sachs, Citi and Apollo funds. This transaction fully refinances and upsizes a prior US$500 million asset-backed facility arranged by Goldman Sachs.

The deal, announced during the Money 20/20 Middle East conference in Saudi Arabia, includes an initial US$1.4 billion, with a further US$1 billion available over a three-year period pending additional approvals. The funding is aimed at supporting Tamara’s vision to expand into new credit and payment products.

“This landmark facility with our global financing partners accelerates our growth trajectory, empowering us to invest further in building the most customer-centric financial super-app on earth,” said Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara. “Today’s milestone brings us one step closer to helping people own their dreams.”

The new capital is intended to support the company’s product diversification, including the introduction of new credit and payment solutions. The facility also reflects a strategic commitment by Tamara and its financing partners to localised investment practices, with a focus on sustainable growth within the regional ecosystem.

The asset-backed facility will increase Tamara’s lending capacity and enable the platform to grow well beyond its current 20 million customers. It also aligns with the success pillars of Saudi Arabia’s Vision 2030 and the nation’s Financial Sector Development Programme (FSDP), which seeks to enable financial institutions to drive private sector growth. Furthermore, it supports the programme’s objective of advancing capital markets by attracting greater backing from both local and global financial institutions, reinforcing Saudi Arabia’s position as a hub for inward investment.

Overall, the transaction builds on Tamara’s capabilities as the Kingdom’s first homegrown fintech unicorn since raising US$340 million in its Series C funding round in December 2023. The company has since expanded its customer base to more than 20 million, facilitating transactions across over 87,000 merchants, with further regional growth planned.