Saudi fintech unicorn Tamara is close to finalizing one of the Middle East’s largest startup financing deals, with Goldman Sachs, Citigroup, and Apollo Global Management among the lenders set to provide at least $1.4 billion in fresh debt, according to a Bloomberg report.
The facility, which could expand to $2.4 billion, will refinance an earlier line arranged by Goldman and provide new capital as Tamara battles rival Tabby for dominance in the Gulf’s rapidly growing buy now, pay later (BNPL) market. Bloomberg noted that the deal is still being finalized and terms may change.
Founded in 2020, Tamara quickly rose to become a unicorn by 2023, backed by Sanabil — the venture arm of Saudi Arabia’s Public Investment Fund — and Checkout.com. Its trajectory mirrors the Gulf’s wider fintech boom, where youthful demographics, Sharia-compliant lending preferences, and surging e-commerce have made installment-based payment platforms a mainstream part of shopping.
While Klarna and Affirm have faced tougher conditions in Europe and the US, BNPL adoption in Saudi Arabia and the UAE has accelerated. Retailers see higher conversion rates, consumers gain flexibility without interest charges, and regulators in Riyadh and Dubai have provided clearer frameworks than many Western markets.
The Wall Street participation in Tamara’s deal underscores how global lenders are betting on the Gulf’s fintech ecosystem. Goldman has already relocated senior executives to Riyadh to expand its private credit operations, while Apollo and Citi are looking to deepen exposure to the region’s consumer finance growth.
Riyadh’s Tamara to land $1.4 Billion debt , expanding global BNPL race