Saudi Arabia-based leading payments startup Tamara has raised $100 million in its second funding round in order to support its expansion plans.
Tamara’s Series B funding round was led by Sanabil Investments, which is backed by the kingdom’s sovereign wealth fund, the Public Investment Fund.
According to the company, other investors included Coatue, Shorooq Partners, Endeavor Catalyst, and a follow-on investment by London-based payments processor Checkout.com.
“Our mission is to deliver an exceptional experience to our customers by offering transparent, seamless, and inclusive payment solutions. 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. We act as a marketing and discovery channel for our partner merchants to drive new customers and incremental sales online and in-store. After working with Tamara, our partners have seen on average 40 percent higher average order value, 20 percent lower cash on delivery, 15 percent higher conversion, and significantly lower order return rates.”
Furthermore, the company noted that it will use the funding to expand its product offering across payments in addition to launching in new markets.
Commenting on the announcement, Sanabil Investments said that, “Tamara’s exceptional growth while maintaining healthy unit economics speaks volumes about what the team has achieved so far. We at Sanabil back industry disruptors and transformers, and in Tamara, we found a team that has the qualities to transform huge industries such as financial services and shopping in the region and beyond.”
“Tamara has emerged as the payment method of choice for millions of consumers across the region. As the leading payments provider in MENA, Checkout.com’s investment demonstrates our belief in Tamara’s exceptional team and our commitment to supporting digital growth in the region. As such, Checkout.com will also serve Tamara as a payment method to our merchants — to compound growth in one of the fastest-growing markets globally,” commented Mr. Remo Giovanni Abbondandolo, VP for MENA at Checkout.com.