Saudi fintech Tamara secures $2.4bn asset-backed facility to fuel expansion
Saudi Arabia’s fintech company, Tamara, has raised an asset-backed financing facility of up to $2.4 billion from a consortium of global financial companies, including Goldman Sachs, Citi, and Apollo funds, marking the largest deal of its kind in the Middle East.
Announced during the Money 20/20 Middle East conference in Riyadh, the transaction refinances and upsizes a previous $500 million facility arranged by Goldman Sachs. The package includes an initial $1.4 billion and an additional $1 billion available over three years, pending regulatory approvals.
“This asset-backed facility will increase Tamara’s lending power and help the platform grow well beyond its current 20 million customers,” the company said in a statement, highlighting its plans to expand credit and payment products across the region.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Muhammad Ali Bandial