Saudi-Arabian fintech Tamara has successfully secured approval from the Central Bank of the UAE, as per an official announcement by the company.
The update comes after Tamara secured a $2.4 billion facility—divided into an initial $1.4 billion with the remaining $1 billion to be given over the next three years, subject to approvals—and a month after Saudi fintech Erad raised $33 million through debt financing.
“This milestone fundamentally strengthens our entire operation in the UAE and serves as the catalyst for our ambitious future here,” said Tamara’s CEO, Yamen Fakhreddine.
“The path is now clear to achieve our mission to help people own their dreams by building the most customer-centric financial super-app in the world.” he also said.
The regulatory approval allows Tamara to pursue its goal of contributing to UAE Vision 2031.
Tamara is known for its BNPL service, which allows online shoppers to clear their purchases by paying for them in installments. It is currently integrated into major e-commerce apps such as Noon, Ounass, and Temu. The fintech’s major competitor is Tabby, which was founded in Dubai in 2019.