Founded in 2020, Tamara has rapidly emerged as Saudi Arabia’s first fintech unicorn, achieving this milestone in record time.
Their mission is to empower millions of people in their daily lives and change the way they shop, pay and bank. Serving millions of users across Saudi Arabia and United Arab Emirates, Tamara supports cross-border transactions, as well. They partner with global brands, such as Shein, Jarir Bookstore, Noon, Extra and Farfetch, as well as thousands of small and medium businesses.
Inspired by traditional credit systems in local grocery stores, Tamara modernized this practice through buy-now, pay later technology while adhering to Sharia compliance. Checkout.com helped Tamara to significantly improve payment collection. In a matter of four months, Checkout.com ensured Tamara reduced the total number of failed transactions from 300,000 to just 1,600. This meant significant cost savings but also better experience for their shoppers. Checkout.com’s global platform and seamless integration with multiple payment methods made it very easy for Tamara to scale. Checkout.com provided Tamara with peace of mind knowing that all currencies the business needed were in one place.
During the pilot phase of using Checkout.com’s Intelligent Acceptance, Tamara observed a significant increase in successful transactions. In just one month, Checkout.com helped Tamara optimize two million transactions, resulting in 40,000 additional payment captures. This generated an extra $2 million in revenue. Looking ahead, Tamara is excited to venture further into the lending sector to drive more business for their partners, and meet the changing needs of their consumers and businesses.
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Industry Comments
“Checkout.com’s unwavering support has been essential in helping us achieve our goals,” said Abdulmohsen Al Babtain, Co-Founder and Head of Payments at Tamara. “With their advanced payment solution and expertise, we’ve been able to drive growth and innovation within MENA and beyond.”
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