Goldman Sachs has concluded a receivables warehouse facility deal of up to $150 million with Saudi Arabia’s Tamara, the shopping and payments platform.
Tamara said the facility will help it to continue the development of its planned Buy Now, Pay Later (BNPL) product and grow across new verticals.
Abdulmajeed Alsukhan, co-founder and chief executive of Tamara believes the deal with Goldman Sachs is a testament to Tamara’s performance.
“We believe that Goldman Sachs, with their track record in working with similar companies of our stage globally, is the ideal financing partner for Tamara,” he said.
Research by GlobalData projects the BNPL sector will surpass $1 trillion by 2030, with the analytics company suggesting that BigTech companies and payments providers will become more invested in the BNPL sector and spur its capitalisation.
Maddy Irwin, thematic analyst at GlobalData, said at the time: “BigTech and large payment providers can seamlessly incorporate BNPL into their platforms whether they’re profitable or not, forcing FinTechs with unsustainable revenue models out of the market,”
A study by market analyst ResearchAndMarkets.com projects the UK’s BNPL market to “exceed £55 billion” by 2028.
Latest News
-
JPMorgan becomes final major Wall Street bank to exit climate alliance
-
Visa and Qashio partner on B2B travel payments solution
-
Financial Ombudsman hires new COO
-
Novo Banco fires chief risk officer amid suspicious transactions probe
-
Lloyds and Mastercard to lead next CFIT coalition
-
Open Banking platform Money Squirrel launches in the UK
.jpg)
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories