News

Saudi Startup Tamara Secures $340 Million In Funding

The fintech “buy now, pay later” platform has achieved unicorn status after being valued at $1 billion.

Published

12 months ago

December 19, 2023

Nour Nasir

Tamara

Saudi Arabia’s “buy now, pay later” platform, Tamara, is now worth a staggering $1 billion after a recent equity funding round led by SNB Capital that raised $340 million.

Other investors included Shorooq Partners, Pinnacle Capital, and Impulse, who joined existing backers such as Checkout.com, Coatue, and Endeavor Catalyst.

Tamara plans to use the significant cash injection to build new shopping and payment products and services, and intends to become “the next big giant in shopping, payments, and banking,” according to the company’s co-founder and CEO, Abdulmajeed Alsukhan.

“Saudi Arabia and the GCC deserve their place on the world stage for financial technology. Just as Tamara was created by local entrepreneurs nurtured by a supportive local ecosystem and market regulator, we stand here today, humbled and hungry, ready for our own leapfrog moment. This achievement is a testament to the ecosystem, our incredible team, investors, and the collaborative spirit that makes this region a great place for talent to flourish,” the CEO said.

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The chief executive has also announced that Tamara is considering listing on the Saudi Arabian stock exchange and potentially in other markets in the near future. The company’s latest equity funding round comes after a debt-raising move earlier in November 2023 led by Goldman Sachs and Shorooq Partners.

With the global BNPL market projected to hit $565.8 billion in 2026, the future certainly looks bright for Tamara, with its user base of 10 million and 30,000 partner merchants spread across Saudi Arabia, the UAE, and Kuwait.

News

Viasat Satellite Messaging Tech Showcased In Saudi Arabia

The direct-to-device (D2D) demonstration highlighted the technology’s potential to revolutionize remote communication.

Published

3 days ago

November 28, 2024

Nour Nasir

viasat satellite messaging tech showcased in saudi arabia

Satellite communications firm Viasat announced yesterday that it had completed its first demonstration of direct-to-device (D2D) satellite connectivity technology in Saudi Arabia. The live broadcast took place during the “Connecting the World from the Skies” event in Riyadh, organized by Saudi Arabia’s Communications, Space & Technology Commission (CST) alongside the International Telecommunication Union (ITU).

Attendees witnessed successful satellite-based two-way messaging and SOS alerts sent using commercial Android smartphones and a combination of Viasat’s robust L-band satellite network and the Bullitt over-the-top messaging app. Signals were transmitted using the company’s L-band spacecraft positioned over the Indian Ocean, while the infrastructure for 3GPP NTN services was deployed by Viasat’s partner Skylo.

Sandeep Moorthy, Viasat’s Chief Technical Officer, emphasized the significance of the demonstration, explaining, “By expanding our direct-to-device innovation to the Kingdom of Saudi Arabia, we’re showcasing the potential for D2D services in the fast-growing Gulf and Asia-Pacific region. D2D could help reduce barriers to connectivity in regions where terrestrial services are spotty and unavailable to help transform industries and supply chains, enable new opportunities, and to become more efficient, sustainable and safer. We’d like to thank the CST for their support in carrying out this exciting demonstration”.

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D2D technology allows devices like smartphones, vehicles, and industrial equipment to connect seamlessly to both satellite and terrestrial networks. Unlike traditional satellite setups, D2D eliminates the need for extra hardware, thanks to emerging global standards that are gaining traction among satellite operators, mobile network providers, and tech manufacturers.

What makes this approach particularly promising is that Viasat uses a licensed, dedicated satellite spectrum to deliver its D2D services. This avoids any interference with existing terrestrial networks, allowing smooth integration with mobile network operators in the future.

The demonstration clearly showed the potential of D2D technology to bridge connectivity gaps in remote regions while opening up opportunities for innovation, improved safety, sustainability, and efficiency.