Saudi Arabia’s rapidly progressing BNPL provider as claimed by the Saudi FinTech major Tamara empowering client’s newer means to complete their online payments.
The Tamara’s CEO Abdulmajeed Alsukhan, also added that, Saudi-based FinTech firm Tamara, which recently raised $110m as part of series A round, is now looking at further expanding its product portfolio.
Alsukhan also further stated that; “following the newest funding round – directed by payment processor Checkout.com – the FinTech major is also gazing up the latest products within the same space. When it comes to verticals, we’re in very close relationship with our customers. We even have a WhatsApp group with our top customers just discussing with them, ‘What do you think about this feature?’ and rolling out to them new products and asking them what they think, whether it solves their pain points, does it enable them to have more financial freedom, etc. And founded on their feedback, we roll out latest merchandizes – there are new products in the pipeline currently, and we will roll it out this year.”
The ‘buy now pay later’ (BNPL) firm, which was inaugurated in 2020, has already perceived robust gripping in its home market and is viewing to magnify across the GCC by the cease of this year.
He also added further that; “I can’t comment too much [on the new products], but I can say that it’s definitely within the same space. Something we want to do is to roll out new products that would help us tap into new industries and support our partners.”
Tamara, which demands to be Saudi Arabia’s rapidly-growing BNPL provider, agrees clients newer ways to pay online – either piercing balances over three payments or paying a month later.
It has full-fledged its foundation across Saudi Arabia and the UAE to over 1,000 merchants, together with the likes of Namshi, Floward, SACO, Nice One, Whites, and Nejree.
“We commenced with a very accomplished team – when it comes to tech, when it comes to merchandise and when it comes to scaling the business. And from there, we just engrossed on executing and on providing quality deliverables.
“We focused on a very specific problem, which is cash on delivery (COD), which is a pain point for all the stakeholders involved. In Saudi, COD still accounts for 60 per cent to 70 per cent. When it comes to customers, COD is a pain point because they have to have the cash to repay the merchants, or they don’t like the reconciliation process when it comes to cash. If we really dig deeper into the issue, customers just want to see the product before they pay, and they want more innovative solutions when it comes to repaying their orders and managing their payments. And also, it’s in line with the regulators vision to have a cashless economy.” he explained.
Tamara, which was the initial BNPL firm to be joined in the Saudi Central Bank (SAMA)’s Sandbox programme, is also investing in its tech to ensure that it offers an easy experience for its users.
“It’s very important to us to have reliable tech, and when it comes to the cloud services that we rely on, reliability is very important. And as you could imagine in a fintech industry, this multiplies by 100, because one of the main values that we provide is reliability, trust, and we can only do that with a reliable partner such as Oracle. They provided us with a very simple way to scale the business, nothing complicated,” he stated.
Looking to the future, with the BNPL market expected to grow 400 per cent, reaching an estimated $680bn in transaction volume globally by 2025, Tamara is looking to leverage its strong growth to tap into the potential in the region.