In another major win for a buy now, pay later (BNPL) payment servicer, Saudi Arabian firm Tamara has delivered a remarkable $100 million Series B fundraising round. The fundraise was led by Sanabil Investments, and is anticipated to fund further expansion of its BNPL offerings into new markets in the Middle East region.
“Our mission is to deliver an exceptional experience to our customers by offering transparent, seamless, and inclusive payment solutions,” said Tamara’s Co-Founder and Chief Executive Officer, Abdulmajeed Alsukhan. “Tamara has established itself as the trusted, reliable, and sustainable local partner for any regional or global business looking to expand in Saudi Arabia and MENA.”
How has the company achieved such lofty goals in such a relatively short time? In addition to being one of the few BNPL servicers offering a fully Shariah-compliant customer experience—understandably a major draw across the region—Tamara’s rapid expansion of its extensive partner network has yielded a great deal of success among its customer base.
“After working with Tamara, our partners have seen on average 40% higher average order value, 20% lower cash on delivery, 15% higher conversion, and significantly lower order return rates,” Alsukhan said in a statement about the fundraising round.