Checkout.com is leading a $110 million funding round for Saudi payments firm Tamara in one of the Middle East’s largest-ever startup investments as demand booms for e-commerce and fintech solutions.
Proceeds of the Series A capital raise, which includes both equity and debt, will be used to bankroll Tamara’s expansion across the Gulf markets by the end of this year and then the rest of the Middle East, according to a statement Thursday. The company raised $6 million in seed funding at the start of this year and is predominantly active in Saudi Arabia and the neighboring United Arab Emirates.
“Due to the pandemic, online retail and digital payments have reached mainstream consumers,” said Abdulmajeed Alsukhan, Tamara’s co-founder and chief executive officer. “So today more than ever there’s need for more inclusive and diverse payment options.”