Company Market Research Report: Tamara Finance Company
Company Overview
- Name: Tamara Finance Company
- Mission: To empower people in their daily lives and revolutionize how they shop, pay, and bank.
- Founded: Exact founding date or founder name is not provided in the available data.
- Key People: No specific key individuals mentioned in the available data.
- Headquarters: King Abdullah Branch Road, King Salman Dist. Building No. 2907, Postal Code 12444, Riyadh, Kingdom of Saudi Arabia.
- Number of Employees: No information is available.
- Revenue: No specific revenue figures mentioned; however, there was a 10x year-over-year increase by August 2022.
- Company Known For: Known as Saudi Arabia’s first fintech unicorn, Tamara is a leading fintech platform to shop, pay, and bank in Saudi Arabia and the wider Gulf Cooperation Council (GCC) region, offering Sharia-compliant payment solutions.
Products
- Core Product Offering:
- Payment Solutions: Tamara provides a "Buy Now, Pay Later" solution that allows splitting payments into 4 installments without any late fees. The solutions are 100% Sharia-compliant.
- Farah Program: Offers exclusive discounts at over 26,000 stores.
- Wishlist Feature: A newly launched feature for users to track and manage their desired products.
- Key Features:
- Sharia Compliance: Ensures all payment solutions comply with Sharia laws.
- No Late Fees: Promotes a transparent payment structure without any hidden late charges.
- Multi-Payment Options: Allows splitting payments across 2, 3, or 4 installments as well as full upfront payment.
- Accessibility: Available for use both online and in-store across Saudi Arabia, UAE, and Kuwait.
Recent Developments
- New Products:
- Wishlist Feature: Newly added feature allowing users to maintain a list of preferred items.
- Financial Milestones:
- Series C Funding: Achieved a $1 billion valuation with a $340 million Series C funding round led by SNB Capital and Sanabil Investments in December 2023.
- Debt Financing: Secured a new debt facility of up to $400 million from Goldman Sachs and Shorooq Partners in November 2023.
- Series B Funding: Raised $100 million in Series B equity in August 2022.
- Strategic Developments:
- Partnerships: Expanded collaborations with major retailers like SHEIN, Jarir, noon, IKEA, eXtra, and Farfetch to broaden its reach across the GCC region.
- Operational Developments:
- Regulatory Approval: Received preliminary approval from The Saudi Central Bank (SAMA) for a consumer finance license as of September 2024.
- Other Notable Achievements:
- Late Fee Removal: Removed late fees to enhance customer experience in December 2023.
This report is based entirely on the available data and strives to encapsulate an accurate and comprehensive analysis of Tamara Finance Company’s market position and recent activities. Any missing information is noted as unavailable.
