Saudi Arabia-based Tamara, which has built a platform to shop, pay, and bank in Saudi Arabia and the wider Gulf Cooperation Council (GCC) region, has secured $340m in a Series C equity funding round at a valuation of $1bn.

The financing round was jointly led by regional financial institution SNB Capital and Sanabil Investments, a financial investment company which is owned by Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF).

It also had participation from Shorooq Partners, Impulse, Pinnacle Capital, and others along with Tamara’s existing investors such as Endeavor Catalyst, Coatue, and

SNB Capital spokesperson said: “Leading on the Series C raise for Tamara through SNB Capital’s Close-Ended Fintech Fund aligns with one of our objectives to invest in single target companies achieving long-term capital appreciation.”

Tamara plans to utilise the funds on new products and services, going beyond buy now, pay later (BNPL) and focusing on opportunities in shopping, payments, and banking services in Saudi Arabia and across the GCC.

Last month, the fintech company obtained further debt financing to expand its warehouse facility to up to $400m. The funding was led by Goldman Sachs and Shorooq Partners.

Tamara has raked in $500m in total through equity funding and over $400m in debt financing since its founding in late 2020.

Founded by Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al Babtain, the fintech company is one of the first to be given a permit to provide BNPL services from the Saudi Central Bank (SAMA).

Alsukhan said: “Just as Tamara was created by local entrepreneurs, nurtured by a supportive local ecosystem and market regulators, we stand here today, humbled and hungry, ready for our own leapfrog moment.

“This achievement is a testament to the ecosystem, to our incredible team, investors, and the collaborative spirit that makes this region a great place for talent to flourish.

“As we set our sights on becoming the next big giant in shopping, payments and banking we remain ever grateful for the significant opportunity in this underpenetrated and underserved banking and financial services landscape.”