Tamara, a leading shopping and payments platform, has been granted a permit by the Saudi Central Bank (SAMA) to provide Buy Now Pay Later (BNPL) services. This significant development positions Tamara as a well-established BNPL FinTech in Saudi Arabia.
According to SAMA, the permit was granted after Tamara successfully completed a trial period in SAMA’s Regulatory Sandbox. With this authorization, Tamara joins the ranks of four companies now licensed to provide BNPL services in the Kingdom.
Founded by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al Babtain, Tamara has a mission to revolutionize how people shop, pay, and bank. The company operates out of its headquarters in Riyadh, Saudi Arabia, with additional offices in the UAE, Egypt, Germany, and Vietnam. Since its launch in September 2020, Tamara has raised up to $366 million in equity and debt. The platform has successfully onboarded 7 million users and partnered with more than 18,000 merchants, including leading global and regional brands.