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.
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