Saudi Arabia-based fintech Tamara has raised $100 million in a Series B equity round from investors including Sanabil Investments, Coatue, Shorooq Partners, Endeavor Catalyst and existing investor Checkout.com.
Tamara, a buy now, pay later (BNPL) startup that allows consumers to purchase a product and pay for it later in installments, said the new funding will allow it to expand into new markets and introduce new services and products.
It also said it expects to reach profitability next year, with plans for a listing in Saudi Arabia in the future, which may include a second listing in other markets such as the United Kingdom.
The startup was founded in 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Five months after launching, Tamara closed a $6 million seed funding round in January 2021. This was followed by a $110 million Series A led by Checkout.com in April 2021 – the largest-ever recorded in the Middle East and North Africa region, making the total funding so far $216 million in equity and debt.
Tamara says it has attracted over 3 million customers and more than 4,000 partner merchants including leading global and regional brands like IKEA, SHEIN, Adidas, Namshi and Jarir plus local SMEs.
The UAE-based retailer Al Maya Group has bought a majority stake in the e-commerce platform Conektr for an undisclosed amount.
Founded in 2017 by Madhusudhanan Janakarajan, Conektr is an FMCG B2B2C marketplace that claims to supply 7,000 grocery outlets in the UAE.
Al Maya was founded in 1982 with multiple business verticals across the FMCG distribution of food and non-food products in the UAE and the Gulf region.
Al Maya says the new acquisition will help it expand its distribution base. “Conektr… will significantly enhance our ability to drive engagement with retailers and play a more meaningful and relevant role in the distribution and retail industry,” said Kamal Vachani, Director at Al Maya Group.