Saudi fintech Tamara has secured a debt facility of up to $150 million from US investment bank Goldman Sachs despite the challenging global macroeconomic conditions.

The latest round brings Tamara’s total funding in equity and debt to up to $366 million since its launch in September 2020, the startup said in a statement. 

According to the company, the facility - the first in the region - will help finance the accelerating demand for its flagship buy-now-pay-later (BNPL) product and drive its growth across new verticals.

Tamara has onboarded six million customers since its launch across Saudi Arabia, UAE, Kuwait and Bahrain.

Abdulmajeed Alsukhan, Co-founder and CEO of Tamara, said that the company has shown the ability to scale a complex B2B and B2C business model, and BNPL is just an initial offering. 

Tamara acts as a commerce enabler for over 15,000 partner merchants, including regional and global brands such as SHEIN, IKEA, Jarir, Noon and H&M.

The company is targeting the Millennials and Gen Z, as around 70% of the GCC population are young and tech-savvy.

(Editing by Seban Scaria seban.scaria@lseg.com)