{"id":1619013,"date":"2022-08-22T12:53:33","date_gmt":"2022-08-22T16:53:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1619013"},"modified":"2022-08-22T12:53:42","modified_gmt":"2022-08-22T16:53:42","slug":"gulf-buy-now-pay-later-firm-tamara-says-it-raised-100-million","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gulf-buy-now-pay-later-firm-tamara-says-it-raised-100-million\/","title":{"rendered":"Gulf buy now, pay later firm Tamara says it raised $100 million"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgulf-buy-now-pay-later-firm-tamara-says-it-raised-100-million%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1619013&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Hadeel Al Sayegh<\/p>\n<p>DUBAI (Reuters) \u2013     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\u2019s sovereign wealth fund PIF.<\/p>\n<p>The series \u2018B\u2019 funding would support the Saudi-based startup to expand into new markets, and introduce new services and products. It did not specify which markets.<\/p>\n<p>\u201cWe believe the region has a different situation today than globally. The region is thriving with high oil prices,\u201d Chief Executive Abdulmajeed Alsukhan told Reuters.   <\/p>\n<p>\u201cWe want to make sure our customers find the right products that suit them and find amazing deals.\u201d<\/p>\n<p>Tamara, which has over 3 million active shoppers, is one of the Gulf Arab region\u2019s largest BNPL providers and competes with companies including Dubai-based Tabby. <\/p>\n<p>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.<\/p>\n<p>The provider pays the merchant immediately and is paid back by the consumer in installments, typically only earning revenue from transaction fees charged to the merchant.<\/p>\n<p>Tamara was founded in 2020 by Saudi entrepreneurs Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.<\/p>\n<p>It has so far raised $215 million in capital and has partnered with firms including IKEA and Saudi retailer Jarir, in addition to e-commerce platforms SHEIN and NAMSHI.<\/p>\n<p>Other investors that participated in its latest round included global investment manager Coatue, Gulf technology investor Shurooq Partners, co-investment vehicle Endeavor Catalyst and existing investor Checkout.com, a global payment solutions firm.   <\/p>\n<p>Tamara is also in negotiations with local, regional and international lenders for debt financing, a new foray for banks in the region that are still learning about the nascent sector, Alsukhan said. <\/p>\n<p>It expects to reach profitability next year, with plans for a listing in Saudi Arabia in the future, which may include a second listing in other markets such as the United Kingdom, he said. <\/p>\n<p>The BNPL business model emerged in times of very low interest rates, but the prospect of sustained increases to interest rates could spell trouble for the sector.<\/p>\n<p>\u201cWe believe that the interest rate as of today is still manageable,\u201d Alsukhan said. \u201cHowever, there is no doubt that in such a business that if interest rates goes way beyond where it is today, then it\u2019s definitely problematic to all.\u201d<\/p>\n<p> (Reporting by Hadeel Al Sayegh; Editing by Toby Chopra)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2740090\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/tagreuters.com2022binary_LYNXMPEI7L070-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI7L070-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Hadeel Al Sayegh DUBAI (Reuters) \u2013 Gulf buy now, pay later (BNPL) firm Tamara said on Monday it raised $100 million in a second round of fundraising from investors<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1619013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1619013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1619013"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1619013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1619013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1619013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1619013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}