Fintech Tamara Accelerates The Buy Now Pay Later Revolution
Launched in September 2020 in Riyadh, Saudi Arabia, by serial entrepreneur Abdulmajeed Alsukhan and partners Turki Bin Zarah and Abdulmohsen Albabtain, after just four months Tamara closed $6 million of funding in the largest seed round in the country’s history. In April the startup topped that in style by raising no less than $110 million in a record-breaking Series A round led by global payments provider Checkout.com. Like many ecommerce companies around the world, Tamara is benefitting from the massive rise in online consumer spending that has taken place during the pandemic. Its BNPL solution allows consumers to pay for products in installments, without incurring any interest charges. The company’s revenues come from fees paid by merchants, who have fallen over themselves to partner with Tamara and offer their customers an…