Tamara, the Saudi FinTech platform and the country’s first homegrown unicorn, has secured a Shari’ah-compliant asset-backed facility of up to $2.4bn from major global financial institutions, including Goldman Sachs, Citi and Apollo funds.

The announcement marks one of the largest transactions of its kind in the region. The deal consists of an initial $1.4bn facility, with an additional $1bn available over a three-year period subject to further approvals. The move refinances and significantly expands a previous $500m asset-backed arrangement with Goldman Sachs.

The new funding will be used to diversify Tamara’s product range, particularly in credit and payments, and to accelerate its ambition of becoming what it describes as the world’s most customer-centric financial super-app. 

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