Saudi fintech Tamara secures up to $2.4 bln in funding deal with Citigroup

Saudi fintech start-up Tamara has secured a financing deal worth up to $2.4 billion, led by Citigroup Inc. The deal will support Tamara's growth in the Middle East and North Africa region. As the world's leading banking group, Citigroup offers a range of financial services, including corporate and investment banking, commercial banking, and private banking.

Saudi fintech startup Tamara has secured a significant financing deal worth up to $2.4 billion, led by Citigroup Inc. The deal will support Tamara's expansion in the Middle East and North Africa (MENA) region. Citigroup, one of the world's leading banking groups, offers a wide range of financial services including corporate and investment banking, commercial banking, and private banking.

According to sources familiar with the matter, Tamara is set to receive at least $1.4 billion in financing from a group of lenders that includes Goldman Sachs Group Inc., Citigroup Inc., and Apollo Global Management Inc. Goldman, Citi Among Lenders for Tamara’s $1.4 Billion Debt Deal^[1] This asset-backed financing deal is expected to be among the largest of its kind in the Middle East.

The financing will refinance and expand a previous debt facility arranged by Goldman Sachs. The commitment could rise to about $2.4 billion, highlighting the growing interest from global finance firms seeking to deploy capital in the region. Tamara is one of the region's best-funded "buy now, pay later" firms and became a unicorn in 2023, less than three years after its founding. Goldman, Citi Among Lenders for Tamara’s $1.4 Billion Debt Deal^[1]

The participation of Citigroup and Apollo underscores Saudi Arabia's growing pull for venture investment. Startups in the region raised $1.35 billion in the first half of 2025, nearly double the prior year, led by Saudi Arabia and the United Arab Emirates. This stands in contrast with global emerging markets, where venture funding fell to $3.98 billion — the weakest first half since 2017. Goldman, Citi Among Lenders for Tamara’s $1.4 Billion Debt Deal^[1]

Citigroup's involvement in the deal reflects its strategy to expand private credit in the Gulf region. The bank has been building out its presence in the Middle East, with a focus on the growing consumer culture and investment opportunities. Goldman, Citi Among Lenders for Tamara’s $1.4 Billion Debt Deal^[1]

The deal also underscores the robust growth forecasted for the Middle East by Citigroup's CEO, Jane Fraser. She noted that the region is expected to experience a decade of robust growth driven by investment flows and the creation of new industries as Gulf states diversify away from oil. Citigroup CEO Sees Rebound in M&A and Strong Middle East Growth^[3] This expansion is drawing in global financial firms, with Citigroup, JPMorgan Chase & Co., Jefferies Financial Group Inc., and Lazard Inc. all increasing their presence in the Gulf. Citigroup CEO Sees Rebound in M&A and Strong Middle East Growth^[3]

In addition to the Tamara deal, Citigroup has been actively involved in other financing activities in the region. For instance, the bank has extended a $100 million lending facility to a UAE fintech and provided debt financing to a Dubai-based luxury developer earlier this year. Goldman, Citi Among Lenders for Tamara’s $1.4 Billion Debt Deal^[1]

The growth of fintech firms like Tamara and the increasing interest from global finance firms in the Middle East highlight the region's potential as a hub for innovation and investment. As the region continues to diversify its economy and expand its consumer market, the opportunities for growth and investment are expected to increase. Goldman, Citi Among Lenders for Tamara’s $1.4 Billion Debt Deal^[1]