Tamara, a Saudi-Arabia-based "buy now, pay later" platform, raised $110 million in a Series A funding round led by London-based payments processor Checkout.com.
The investment, which is a mix of debt and equity, will be used to hire new staff and help the start-up accelerate its expansion across the GCC by the end of this year followed by its entry into other geographies, the company said in a statement on Thursday.
Tamara, which is currently operating in the kingdom and the UAE, was “born to make a change”, Abdulmajeed Alsukhan, the company’s co-founder and chief executive, said.
“We offer our customers an alternative to credit cards and cash-on-delivery, which enhances their shopping experience … increases our merchant partners’ efficiency as well as their customer satisfaction,” Mr Alsukhan said.
“We are proud to have the trust of such an investor and we will continue expanding our products to transform the payments industry in the region.”
BNPL allows customers to divide the cost of their online shopping into interest-free instalments or pay off the entire amount after a certain period of time.
The payment model boomed during the Covid-19 pandemic, with many customers opting for delayed payments in the wake of financial uncertainty. Merchants also benefited through improved conversion rates of traffic coming to their platforms.
The Europe, Middle East and Africa region leads the global market in terms of BNPL adoption, according to Worldpay’s 2020 Global Payments report. It is expected to reach 8.9 per cent of total e-commerce purchases in the region by 2023, up from 5.8 per cent last year.
Founded last year, Tamara was the first BNPL company to join the Saudi Central Bank’s Sandbox programme. It closed a round of $6m in seed funding in January this year, making it one of the largest seed rounds in the kingdom, the company said.
“Tamara has rapidly proven itself to be a natural leader in the buy now pay later space. Our investment in Tamara will help the team realise their vision and expand rapidly, driving greater conversions for retailers and offer more flexibility for consumers,” Sebastian Reis, executive vice president at Checkout.com, said.
In less than one year of operations, Tamara’s user base has grown to more than 1,000 merchants including Namshi, Floward, Saco, Nice One, Whites and Nejree.
The company’s user base has increased almost 180 per cent on a monthly basis and transaction volumes have surged 170 per cent on average over the past six months.
Currently, it is offering two payment options to customers – "pay in 30 days" and "pay in three instalments", both of which are available online and in-store through the company’s consumer app.
Mohammed bin Zayed Majlis
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Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
Andor
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
Results
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RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Sholto Byrnes on Myanmar politics
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
UAE currency: the story behind the money in your pockets
