Secures Sizable Asset-Backed Loan Worth Over $2.4 Billion: Tamara
In a significant move, Saudi fintech company Tamara has secured a $2.4 billion asset-backed facility from a consortium of global financial heavyweights, including Goldman Sachs, Citi, Apollo funds, and other undisclosed partners. This deal fully refinances and upsizes a prior USD 500 million asset-backed facility arranged by Goldman Sachs.
Tamara, the Kingdom's first homegrown fintech unicorn, enables transactions at over 87,000 merchants and boasts a customer base of over 20 million. The new capital is aimed at supporting Tamara's product diversification, including new credit and payment offerings.
Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara, stated that the deal accelerates their growth trajectory and empowers them to invest further in building a customer-centric financial super-app. The deal includes an initial $1.4 billion with an additional $1 billion available for a three-year period, pending further approvals.
The asset-backed facility will increase Tamara's lending power, a development that aligns with the success pillars of KSA's Vision 2030 and the nation's Financial Sector Development Program (FSDP). The transaction validates KSA as a hub for inward investment, demonstrating the country's attractiveness to global financial institutions.
The funding is aimed at supporting Tamara's expansion into new credit and payment products. The deal brings Tamara one step closer to helping people own their dreams. The announcement was made during the Money 20/20 Middle East conference in Saudi Arabia.
While no specific details about the additional financial partners were disclosed, the strategic commitment by Tamara and its financing partners to localized investment practices is evident. This deal is a testament to the growing potential of the Saudi fintech sector and its role in advancing capital markets, as outlined in the FSDP's objective.
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