Riyadh - Mubasher: Tamara, Saudi Arabia’s first homegrown fintech unicorn, has secured the largest asset-backed facility of its kind in the region of up to $2.4 billion from Goldman Sachs, Citi, and Apollo funds.

The transaction refinances and upsizes a prior $500 million asset-backed facility arranged by Goldman Sachs, with $1.40 billion funded upfront and a further $1 billion available over three years, according to a press release.

The deal, which was announced during the Money 20/20 Middle East conference, aims at supporting Tamara's vision to expand into new credit and payment products.

Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara, commented: "This landmark facility with our global financing partners accelerates our growth trajectory, empowering us to invest further in building the most customer-centric financial super-app on earth.”

The asset-backed facility will boost Tamara’s lending power and enable the platform to grow beyond its current 20 million customers. This aligns with the Saudi Vision 2030 and the nation’s Financial Sector Development Program (FSDP) of enabling financial institutions to support private sector growth.

Meanwhile, the overall transaction builds on the capabilities of Tamara as the Kingdom’s first homegrown fintech unicorn since raising $340 million in its Series C funding round in December 2023.

Tamara scaled its customer base to more than 20 million, enabling transactions at over 87,000 merchants, with plans for further regional expansion.