The Weekly Wrap: all you need to know by Friday COB | December 22nd

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

Tamara, a Saudi Arabia-based FinTech platform offering buy now, pay later (BNPL) services, has raised $340 million in a Series C equity funding round, becoming the Kingdom’s first FinTech unicorn with a valuation of $1 billion.

The round was co-led by SNB Capital and Sanabil Investments, with participation from Shorooq Partners, Pinnacle Capital, Impulse and others, joining existing investors such as Coatue, Endeavor Catalyst and Checkout.com.

Abdulmajeed Alsukhan, Co-founder, and CEO of Tamara said, “This achievement is a testament to the ecosystem, to our incredible team, investors, and the collaborative spirit that makes this region a great place for talent to flourish. As we set our sights on becoming the next big giant in shopping, payments and banking we remain ever grateful for the significant opportunity in this underpenetrated and underserved banking and financial services landscape. Furthermore, The Saudi Central Bank (SAMA) has been instrumental in creating an enabling environment for Saudi companies like Tamara to grow and innovate in the Saudi fintech sector.”

Deals of the week

• BaaS platform Fiat Republic raises $7m in seed extension
• Spare closes a $3m funding round led by Vision Ventures
• FinTech SellersFi closes $300m credit facility from Citi and Fasanara
• Kapital secures $165m to power AI financial platform for SMEs
• FinTech Hakbah raises $5.1m to boost business growth
• Spare closes a $3m funding round led by Vision Ventures
• Mastercard partners with MRT Jakarta to facilitate transit payments
• UAE’s Careem Pay & iPiD team to launch remittances in India
• Alternative Payments launches Collections Assist for B2B payments
• BRAC Bank set to offer digital SME loans to aamarPay merchants

Be on the lookout for

The Paris Blockchain Week FinTech Conference is set to unite experts in both blockchain and FinTech. This conference is ideal for those eager to explore the innovative applications of blockchain technology in the financial sector.

The event’s agenda includes discussions on decentralized finance (DeFi), cryptocurrency, and digital identity, making it a haven for fintech professionals intrigued by the ever-evolving blockchain landscape. Paris, with its rich history and vibrant culture, provides a stimulating environment for diving into the intersection of fintech and blockchain.

In conclusion, 2024 promises to be a fantastic year for the FinTech industry, with a plethora of events offering invaluable insights, networking opportunities, and exposure to the latest innovations. Whether you’re looking to launch your FinTTech startup, stay ahead of industry trends, or forge meaningful partnerships, these conferences are your gateway to new possibilities and a prosperous future in the FinTech world.