Saudi Arabian fintech Tamara is expected to secure at least $1.4 billion in financing from a consortium of lenders led by Goldman Sachs, with CitiGroup and Apollo Global Management also anticipated to join the deal, according to people familiar with the matter. If finalized, this transaction would mark one of the largest asset-backed financing agreements in the Middle East, highlighting the region’s growing prominence in global financial markets.
Refinancing and Expansion of Debt Facilities
The upcoming deal is set to refinance and expand previous debt facilities arranged by Goldman Sachs. Sources noted that the overall commitment could climb to nearly $2.4 billion, underscoring the strong appetite for scaling up Tamara’s operations. While the deal is still in preparation and subject to change, its structure reflects a broader trend of global banks deepening their engagement in Gulf markets.
Neither Goldman Sachs, Citi, nor Apollo provided comments on the matter, and Tamara’s representatives did not immediately respond to requests for clarification.
Tamara’s Rise as a Regional Fintech Powerhouse
Founded less than three years ago, Tamara has quickly established itself as one of the leading “buy now, pay later” (BNPL) providers in the Middle East. The company became a unicorn in 2023, reaching a valuation exceeding $1 billion. Its investor base includes a subsidiary of Saudi Arabia’s Public Investment Fund (PIF) and international payments firm Checkout.com, both of which have been instrumental in accelerating Tamara’s growth trajectory.
The company operates in a highly competitive space, directly rivaling UAE-based Tabby, which secured its own asset-backed credit facility from JPMorgan in 2023. This rivalry reflects the rapid evolution of the BNPL sector in the region, fueled by young, digitally savvy populations and increasing consumer demand for flexible payment solutions.
A Magnet for Global Capital
The participation of leading global financial institutions such as Goldman Sachs and Apollo Global Management underscores Wall Street’s mounting interest in Middle Eastern fintech opportunities. Tamara’s financing deal aligns with a broader wave of international capital flowing into the Gulf, as investors seek exposure to the region’s fast-growing digital economy.
In the first half of 2025, startups across the Middle East raised $1.35 billion in venture capital funding, almost doubling the amount raised during the same period in 2024, according to data from Magnitt. This surge was led primarily by Saudi Arabia and the UAE, positioning the region as one of the most dynamic hubs for venture capital and fintech innovation globally. In sharp contrast, global emerging markets saw venture capital investments fall to $3.98 billion, marking their weakest performance since 2017.
Saudi Arabia’s Expanding Role in Global Finance
Tamara’s transaction highlights Saudi Arabia’s rising influence in shaping the venture capital landscape. The Kingdom has positioned itself as a regional leader by fostering innovation, supporting high-growth startups, and leveraging its sovereign wealth fund to attract international investment partners.
This financing momentum is further supported by major financial institutions expanding their presence in the Gulf. Goldman Sachs, for instance, has pledged to expand its private lending operations in the region and is planning to relocate a senior executive to oversee its activities on the ground. Similarly, in recent months, Pollen Street Capital extended a $100 million credit facility to a UAE-based fintech company, while Nomura Holdings provided debt financing earlier this year to a luxury property developer in Dubai.
Looking Ahead
If successfully executed, Tamara’s financing deal could serve as a milestone for the Middle East’s fintech ecosystem, reinforcing the Gulf’s reputation as a hub for innovation, investment, and global financial integration. The combination of strong local demand, government support, and international investor confidence suggests that the momentum for fintech in the region is only beginning to accelerate.
By strengthening its capital base through one of the largest financing packages in the Middle East, Tamara is not only fueling its own expansion but also sending a strong signal that Saudi Arabia is emerging as a critical destination for global investors seeking growth in fintech and venture capital markets.
