Are you building a startup and want to share your story? Do you have tips for entrepreneurs, or insights to MENA industries? Submit your article with a photo and we'll get in touch with you.
Photo format: 800 x 491 pixels.
Founded a little over a year ago, the startup is poised to be a local and regional leader in what remains an underserved area of the fintech market.
KSA-based 'buy no, pay later' platform, Tamara, has raised a seed funding round of $6 million, marking it as the largest seed investment in the Kingdom. Led by the Riyadh-based Impact 46, the momentous investment also saw participation from Visions Ventures, Wealth Well, Seedra, Khwarizmi, Hala, and Nama, as well as a spate of multiple family offices.
Founded in January 2020 by Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain, the fintech startup enables e-stores and retailers to facilitate cash-on-delivery and has collaborated with the likes of Namshi, Whites, Floward, Saif Gallery and Toys R Us. Since joining SAMA’s much talked-about fintech sandbox, Tamara has experienced rapid growth and has even collaborated with prolific e-commerce enablers, Salla and Zid, both of whom have incorporated Tamara's solutions into their own systems.
With the investment, the founding trip intends to continue Tamara's growth in KSA, as well as the UAE - two hefty slices of one big pie.
“The fintech market is expected to reach $33 billion in transaction value by 2023,” Abdulaziz Alomran, CEO of Impact46, said. “We believe that ‘buy now, pay later’ is an untapped area in this huge market, and we are proud to support the Saudi pioneers leading Tamara who will surely play a major role in the transformation and future of financial services in KSA & GCC.”
Learn more about Tamara here.
Sign up for the daily Startup Digest.