Latham & Watkins has advised Tamara, a leading fintech platform to shop, pay, and bank in Saudi Arabia and the wider Middle East, on a US$340 million Series C equity funding round. The transaction gives Tamara a US$1 billion valuation, making it Saudi Arabia’s first homegrown fintech unicorn.

The round was co-led by SNB Capital, a leading regional financial institution, and Sanabil Investments, with participation from Shorooq Partners, Pinnacle Capital, Impulse, and others, joining existing investors such as Coatue, Endeavor Catalyst, and Checkout.com. The funding round is among the largest investments in a fintech company in the region, following on from Tamara securing additional debt financing to upsize its warehouse facility to up to US$400 million in November 2023, which Latham also advised on.

The Latham team was led by Dubai partner Eyad Latif, with counsel Omar Maayeh, and associate Stephanie Dang.