Tamara

What is Tamara?

Tamara is the leading buy now pay later platform in Saudi Arabia and the wider GCC region. Founded in 2020 in the middle of the Covid-19 pandemic, Tamara was one of the first financial companies in Saudi Arabia to offer buy now pay later without interest charges or hidden fees. The platform has rapidly grown to become Saudi Arabia's first fintech unicorn, serving over six million customers and 15,000 partner merchants, including Shein, Jarir, Noon, IKEA, and Farfetch.

Shariah-Compliant Payment Solutions

Tamara distinguishes itself through its 100% Shariah-compliant payment structure. The fully Shariah-compliant "Pay Later" service allows users to shop now and pay later in installments, with no late fees. This ethical approach to financing aligns with Islamic finance principles, making Tamara particularly appealing to consumers across the Gulf region who prioritize halal financial products.

Flexible Installment Options

With Tamara, customers can split purchases into up to 24 months, easily and flexibly at thousands of stores. Tamara allows customers to pay either in three, six installments or within 30 days, with zero fees or interest charges. These products are available both online and in-store through Tamara's consumer app, giving shoppers maximum flexibility in how and where they pay.

Regional Coverage and Merchant Network

Gulf residents can shop from over 26,000 stores and discover exclusive deals on their favourite brands. Tamara is available in Saudi Arabia, the United Arab Emirates, Kuwait, and Bahrain. Major partners include global brands like Amazon, Shein, AliExpress, IKEA, and thousands of local businesses across the region.

The Tamara App Experience

Tamara is the financial super-app that gives users full control over their finances. The app allows shoppers to discover stores nearby that accept Tamara, browse exclusive deals through the Farah Discounts Programme, and manage all payments in one place. Users can create an account with just their ID and mobile number, with no paperwork required.

Benefits for Merchants

Since customers get to split their purchases into up to 24 months, partner businesses are paid upfront. Tamara reports that partner brands have seen a 50% increase in average order value, 50% more repeat purchases, and significant reductions in cash on delivery transactions. The platform integrates with online stores through direct API, Shopify plugin, and WooCommerce plugin options.

Buyer Protection Program

Tamara prioritizes customer security through its Buyer Protection Programme. If a customer doesn't get their order on time, the platform helps track it down or issues a refund if needed. If the buyer receives a defective product or one different from what was expected, Tamara steps in to ensure things are sorted smoothly.

Who Should Use Tamara?

Tamara is ideal for consumers across Saudi Arabia, UAE, Kuwait, and Bahrain who want flexible, interest-free payment options that comply with Islamic finance principles. The platform appeals to shoppers purchasing fashion, electronics, furniture, beauty products, and travel services. For merchants, Tamara offers access to millions of engaged customers and proven tools to increase sales and reduce cart abandonment.

Funding and Growth

Tamara has secured a financing package worth up to $2.4 billion from major global backers, including Goldman Sachs, Citi, and Apollo funds. In late 2023, the company achieved unicorn status with a valuation of $1 billion following a $340 million Series C funding round. The company is backed by Sanabil Investments, a subsidiary of Saudi Arabia's Public Investment Fund, and SNB Capital.

Regulation and Licensing

Tamara is the first Saudi company to receive a license to offer indirect lending solutions from the Saudi Arabian Monetary Authority (SAMA). The platform operates under strict regulatory oversight and maintains offices in Riyadh, Dubai, Berlin, and Vietnam. With over 500 employees, Tamara continues to expand its services while maintaining compliance with regional financial regulations.