Saudi BNPL fintech Tamara is set to secure at least $1.4 billion in an asset-backed financing deal anchored by Goldman Sachs, Apollo Global Management, and Citigroup, according to Bloomberg, citing people familiar with the matter.
The facility, among the largest of its kind in the Middle East, refinances and expands a prior Goldman-arranged debt package, with commitments potentially rising to $2.4 billion.
The transaction underscores Wall Street’s growing appetite for Gulf private credit as Tamara, one of MENA’s best-funded BNPL players, seeks scale. Founded in 2020, the Riyadh-based startup hit unicorn status in 2023 with backing from PIF subsidiary Sanabil Investments and Checkout.com.
Tamara competes with Tabby, which secured a $700M credit line from JPMorgan last year, as BNPL firms tap global lenders to fund regional expansion. More broadly, private credit is accelerating across the Gulf: Pollen Street Capital recently extended a $100M facility to UAE fintech CredibleX, while Nomura has financed real estate developers in Dubai.
Saudi Arabia and the UAE remain at the centre of this surge. Startups in both markets raised $1.35B in H1 2025 per Magnitt, nearly double the prior year, even as global emerging-market venture funding slumped to its weakest since 2017.
As per Bloomberg, Goldman, Apollo and Citi declined to comment. Representatives for Tamara did not respond.
