Saudi Arabia-based payments firm Tamara has raised $110 million in a Series A round led by leading global payment processor Checkout.com.
According to the company statement, the raised amount will be used to fund Tamara’s expansion across the Gulf markets by the end of this year and then the rest of the Middle East.
The company has raised $6 million in seed funding at the beginning of this year, and it primarily operates in Saudi Arabia and the United Arab Emirates.
Tamara has experienced strong growth since its launch last year, with user numbers and transaction volumes increasing month after month. The company allows consumers to pay for their online purchases in installments or after 30 days, also known as the “buy now, pay later” model.
“Tamara was born to make a change. The region and the world need payment solutions that are transparent and customer-oriented. At Tamara, we offer our customers an alternative to credit cards and Cash on Delivery (COD), which enhances their shopping experience. Our solution also increases our merchant partners’ efficiency as well as their customer satisfaction. This transaction is only the beginning of our journey and a great sign that we are on the right track. We are proud to have the trust of such an investor and we will continue expanding our products to transform the payments industry in the region.”
“As the partner of choice for the region’s leading eCommerce merchants, Checkout.com is always on the lookout for ways to enhance the ecosystem. Tamara has rapidly proven itself to be a natural leader in the BNPL space. Our investment in Tamara will help the team realize their vision and expand rapidly, driving greater conversions for retailers and offer more flexibility for consumers,” commented Sebastian Reis, Executive Vice President at Checkout.com.
London-based Checkout.com became one of Europe’s most valuable startups after closing a $450m financing round led by Tiger Global Management, which nearly tripled its valuation to $15 billion.