Riyadh – Sharikat Mubasher: Saudi fintech unicorn Tamara announced it has raised a Shariah-compliant asset-backed facility valued at up to US$2.4 billion, in a deal led by Goldman Sachs, Citi, and Apollo funds. The announcement was made during the Money20/20 Middle East conference in Riyadh.

The facility refinances and significantly upsizes an earlier $500 million arrangement by Goldman Sachs, with $1.4 billion immediately available and a further $1 billion to be drawn over the next three years, subject to regulatory approvals.

Tamara will use the funding mainly to expand its credit and payment offerings, enhance its capacity for lending, and support its goal of increasing its user base beyond the current 20 million customers, with more than 87,000 merchants on its platform.

This deal is seen as a major vote of confidence in Saudi Arabia’s fintech ecosystem, aligning with national priorities under Vision 2030 and the Financial Sector Development Program toward financial inclusion, localised investment, and an appealing environment for both domestic and international investors.