Tamara raised a Series B round.

A report by Reuters says Tamara, a Saudi-based BNPL fintech, raised $100 million in a Series B round. Investors included Sanabil Investments, which is owned by Saudi Arabia’s sovereign wealth fund PIF.

“We believe the region has a different situation today than globally. The region is thriving with high oil prices,” Chief Executive Abdulmajeed Alsukhan told Reuters. “We want to make sure our customers find the right products that suit them and find amazing deals.”

Founded in 2020 by Saudi entrepreneurs Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain, Tamara boasts of over 3 million shopping customers and is one of the largest BNPL providers in the Gulf Arab region.

The latest round brings the total funding raised by Tamara to $215 million. The fintech will use the money to roll out new products and services, and as well to make inroads into fresh markets.

The wealth effect from high oil prices is creating a demand for consumer goods and BNPL has proved to be popular with Gulf shoppers.

Earlier this month, Tabby, the Dubai-based payments and shopping app nabbed $150M in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG). It was the largest credit facility ever secured by a fintech in the Gulf region.

Tabby claimed to have grown 10x in revenue, 8x in active customers, and 3x in active retailer partners in H1, 2022, compared to last year’s period.

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