Riyadh: Saudi Arabia-based fintech unicorn Tamara is set to secure at least $1.4 billion in financing from a consortium of global financial institutions, including Goldman Sachs Group Inc., Citigroup Inc., and Apollo Global Management Inc.
The deal, which refinances and expands a previous debt facility arranged by Goldman Sachs, ranks among the largest asset-backed financing transactions in the Middle East. The move underscores growing appetite from global finance giants to deploy capital in the region, highlighting Saudi Arabia’s rising influence in the fintech sector.
Founded less than three years ago, Tamara reached unicorn status in 2023 and is now one of the region’s best-funded “buy now, pay later” (BNPL) companies. Its investors include a subsidiary of Saudi Arabia’s sovereign wealth fund and global payments platform Checkout.com.
The entry of Wall Street lenders and Apollo into the deal reflects intensifying competition among financiers to back high-growth Middle Eastern firms. Tamara’s main rival, Tabby, secured an asset-backed credit line from JPMorgan Chase & Co. in 2023.
The transaction also comes at a time when Middle Eastern startups are attracting record funding. Companies in Saudi Arabia and the UAE raised $1.35 billion in the first half of 2025, nearly double the figure from the previous year. This contrasts sharply with global emerging markets, where venture funding slumped to its weakest first half since 2017.
Goldman Sachs has already pledged to expand private credit in the Gulf and is relocating a senior executive to the region. Other recent deals include Pollen Street Capital extending a $100 million lending facility to a UAE fintech and Nomura Holdings Inc. providing debt financing to a Dubai-based luxury developer.
Meanwhile, regional venture capital momentum continues to build. VentureSouq recently announced the close of its second FinTech Fund, backed by sovereign and institutional investors, to support early-stage fintech and SaaS companies across MENA.
With net revenue in the Middle East’s fintech sector projected to grow 35% annually through 2028, Tamara’s record-breaking financing deal signals both investor confidence and the region’s accelerating role as a global fintech hub.
