Gulf buy now, pay later firm Tamara says it raised $100 million | Reuters

Gulf buy now, pay later firm Tamara says it raised $100 million | Reuters

Gulf buy now, pay later (BNPL) firm Tamara said on Monday it raised $100 million in a second round of fundraising from investors including Sanabil Investments, which is owned by Saudi Arabia's sovereign wealth fund PIF.

The series 'B' funding would support the Saudi-based startup to expand into new markets, and introduce new services and products. It did not specify which markets.

"We believe the region has a different situation today than globally. The region is thriving with high oil prices," Chief Executive Abdulmajeed Alsukhan told Reuters.

"We want to make sure our customers find the right products that suit them and find amazing deals."

Tamara, which has over 3 million active shoppers, is one of the Gulf Arab region's largest BNPL providers and competes with companies including Dubai-based Tabby.

Demand for BNPL, which allow consumers to order and take a product without immediately paying, has risen in recent years, driven by an increase in online shopping.