RIYADH: Abdulmajeed Al-Sukhan is co-founder and CEO of Tamara, one of the leading providers of Buy Now Pay Later, or BNPL, services in the MENA region.
After earning his bachelor’s degree in financial economics from California State University and a master’s degree in economic policy from Boston University, Al-Sukhan launched a succession of startups. First, Habli, a product delivery app; then Nana, which has become “the largest digital grocery platform in Saudi Arabia”; and finally, Tamara
in September 2020, with co-founders Turki Bin Zarah and Abdulmohsen Al-Babtain.
The Tamara app allows users to split payments into three installments with no fees or interest. The company has partnered with more than 1,000 online merchants, including Namshi, Floward, SACO
World, and the pharmacy of the Whites. Based in Riyadh, Tamara has offices in the United Arab Emirates, Germany and Vietnam. Tamara’s stated mission is “to empower people to shop through an honest, transparent, and inclusive financial solution.”
As the first BNPL company to benefit from the Saudi Central Bank‘s Sandbox fintech development program, Tamara announced in April 2021 that it had secured $110 million in funding from a group of investors led by checkout. com, headquartered in London. At the time, it was the largest Series A financing ever in the MENA region.
The company is using these funds to expand its operations across the GCC.
“Tamara was born to make a difference,” Al-Sukhan said in a press release following the funding announcement. “The region and the world need transparent and customer-oriented payment solutions. At Tamara, we offer our customers an alternative to credit cards and cash on delivery (COD), which enhances their shopping experience. »