Abdulmajeed Alsukhan: The Serial Entrepreneur Behind Leveraging Data and Technology to Revolutionize Shopping and Payments

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Abdulmajeed Alsukhan is a serial entrepreneur with Tamara being his third venture. Previously, he founded Nana, the largest digital grocery platform in Saudi Arabia, and Habli, an on-demand hyperlocal delivery service.

Abdulmajeed serves as the Co-founder & CEO of Tamara, spearheading the company’s strategic direction and growth. He’s recognized for his innovative mindset and ability to identify market opportunities. He holds a Master of Arts in Economic Policy from Boston University and a Bachelor of Arts in Financial Economics from California State University, Northridge. His academic background likely contributes to his understanding of financial systems and consumer behavior.

Tamara: Empowering Daily Lives

Tamara is a fintech company that offers a buy now, pay later (BNPL) service to its customers and merchants in Saudi Arabia and the GCC region. It was founded in 2020 by three Saudi entrepreneurs: Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Al Babtain². Tamara is the first company to be granted a permit by the Saudi Central Bank (SAMA) to provide BNPL services in the Kingdom.

Tamara’s mission is to empower people in their daily lives and revolutionize how they shop, pay, and bank. Tamara allows its customers to split their payments over time with no late fees or interest charges, while also providing them with Sharia-compliant payment solutions. Tamara also helps its merchants increase their sales, conversion rates, and customer loyalty by offering them a seamless and secure checkout experience.

Tamara has achieved the historic milestone of becoming the first Saudi fintech unicorn by securing $340 million in a Series C equity funding round in December 2023, co-led by SNB Capital and Sanabil Investments. Tamara plans to use the funds to launch new products and services, going beyond BNPL and targeting opportunities in shopping, payments, and banking services in Saudi Arabia and across the GCC.

Tamara has more than 10 million users and over 30,000 partner merchants and has reported six times annual run rate revenue growth in less than two years. Tamara operates in Saudi Arabia, where it is headquartered, as well as in the UAE and Kuwait. Tamara also has offices in Dubai, Berlin, and Ho Chi Minh City. Tamara is one of the leading and fastest-growing fintech platforms in the region.

Abdulmajeed’s Notable Awards and Recognition

Abdulmajeed has gained recognition for his achievements in the fintech space. He was featured in “Fintech Pioneers: Abdulmajeed Alsukhan, Co – founder & CEO, Tamara” and was chosen as one of the 100 Most Powerful Arabs by Forbes Middle East in 2023. Abdulmajeed’s expertise in economics and entrepreneurship played a crucial role in shaping Tamara’s initial vision and business model. He’s actively involved in leading the company toward its goals, such as expanding its regional footprint and solidifying its position as a leading BNPL player.

ALSO READ: Top 10 Most Influential Leaders in Saudi Arabia, 2024

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