Tamara, a Saudi buy-now-pay-later platform, has secured a Shari'ah-compliant asset-backed facility of up to $2.4 billion from a group of lenders including Goldman Sachs, Citigroup, and funds affiliated with Apollo Global Management, the company announced at the Money 20/20 Middle East conference on 15 September 2025.
The transaction refinances and upsizes a prior $500 million facility, making it nearly five times larger than the arrangement it replaces. An initial tranche of $1.4 billion is available immediately, with a further $1 billion accessible over a three-year period.
FACILITY STRUCTURE
Tamara described the facility as the largest asset-backed financing of its type in the Middle East and North Africa. Asset-backed facilities of this kind are funded against a pool of consumer receivables — in Tamara's case, the instalment loans it extends to customers purchasing from merchants on its platform — with the quality and performance of that receivables pool determining the terms on which lenders are willing to commit capital.
Tamara said it now serves more than 20 million customers and facilitates transactions across a merchant base of more than 87,000 businesses.