Saudi BNPL firm Tamara reports SAR 411M net income for nine months of 2026
Saudi BNPL firm Tamara reported SAR 411.02M net income for the first nine months of 2026, up from SAR 92.39M, with Q3 net income at SAR 203.63M.
Tamara, the Saudi buy now, pay later (BNPL) company, reported net income of SAR 411.02 million for the first nine months of 2026, up from SAR 92.39 million a year earlier, according to results published on November 11.
Third-quarter net income was SAR 203.63 million, against SAR 28.08 million in the same quarter a year earlier and SAR 84.04 million in the second quarter.
Revenue from merchants rose 109% to SAR 1.37 billion, and equity doubled to SAR 984.06 million.
The consolidated interim statements cover Tamara Finance Company and its Irish financing subsidiary, Tamara Capital Designated Activity Company, not the wider international Tamara Group.
Startup news site Jawlah reported further figures from the same results. Borrowings stood at SAR 7.52 billion, up from SAR 3.76 billion at the end of 2025. Funding costs were SAR 316.8 million, against SAR 152.4 million.
Jawlah also reported an expected credit loss allowance charge on consumer receivables of SAR 553 million, against SAR 70.3 million a year earlier.
In September 2025, Tamara signed an asset-backed facility of up to USD 2.4 billion with Goldman Sachs, Citi and funds managed by Apollo. In August 2026, it received its first credit rating, A minus with a stable outlook, from the Saudi agency Tassnif.
The results come as equity funding for Gulf startups slows. MENA startups raised only $40 million in October, with Saudi startups turning to venture debt.
Tamara’s main rival, Tabby, raised USD 233 million at a USD 6.5 billion valuation in September and recently passed 1 million Tabby Cash accounts in the UAE. Tamara’s last disclosed equity round was a USD 340 million Series C in December 2023, at a valuation above USD 1 billion.
