The 100: Abdulmajeed Alsukhan, Co-founder, and CEO of Tamara The 100: A Definite Guide to Success

Abdulmageed Alsukhan is the co-founder and CEO of Tamara. Before launching Tamara, he co-founded Habli in 2017, a Saudi-based logistics provider for grocery delivery, which was acquired in the same year by Nana.

Alsukhan has a BA in financial economics from California State University and an MA in economy policy from Boston University. Tamara is the leading fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region. In December 2023 it achieved the historic milestone of becoming the Kingdom's first homegrown fintech unicorn by securing $340 million in a Series C equity funding round.

This round was co-led by SNB Capital, the leading regional financial institution, and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF) with participation from Shorooq Partners, Pinnacle Capital, Impulse and others, joining existing investors such as Coatue, Endeavor Catalyst and Checkout.com. It is also among the largest investments in a fintech company in the region, following on from the previous month when the Company secured additional debt financing to upsize its warehouse facility to up to $400 million, led by Goldman Sachs and Shorooq Partners.

With this transaction, Tamara had raised a total of $500 million in equity funding, and well above $400M in debt financing since its inception in late 2020. Tamara operates in KSA, where it is headquartered, UAE and Kuwait and has more than 10 million users, over 30,000 partner merchants and reported six times annual run rate revenue growth in less than two years. The Company was established in late 2020 and founded by three Saudi co-founders, Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Al Babtain. It was also one of the first companies to be granted a permit to provide BNPL services from the Saudi Central Bank (SAMA).