Early Education and Foundations
Abdulmajeed Alsukhan(Founder and Ceo of Tamara)’s path to becoming one of Saudi Arabia’s most prominent entrepreneurs began with a passion for economics and finance. Raised in the Kingdom, he pursued higher studies in the United States, first earning a degree in Financial Economics from California State University, Northridge, followed by a master’s in Economic Policy at Boston University. These years abroad gave him exposure to global financial systems and shaped the analytical mindset he would later apply to his ventures.
First Steps into Business
After returning home, Abdulmajeed Alsukhan gained early experience at the Saudi Central Bank, where he worked on investment-related assignments. The role gave him a first-hand understanding of how large institutions safeguard and manage capital. Still, he was more drawn to entrepreneurship than to government service.
In 2017, he co-founded Habli, a startup that delivered groceries to customers’ doors at a time when online retail was only beginning to take root in the Kingdom. Habli grew quickly, and the business was later acquired by Nana, another player in the delivery sector. After the acquisition, Alsukhan stepped in as Chief Financial Officer at Nana. The experience gave him an inside look at the pain points of digital transactions and inspired him to think about better ways of managing consumer payments.
Building Tamara
The idea that would define his career came from a simple observation. Traditional neighborhood stores often extended trust to customers, allowing them to buy essentials and pay later. Online platforms, by contrast, rarely offered such flexibility. Together with Turki Bin Zarah and Abdulmohsen Albabtain, Alsukhan launched Tamara in 2020 to bridge this gap.
Based in Riyadh, Tamara introduced a model that allowed customers to split payments or delay them without extra charges, provided they paid on time. Importantly, the system was designed to be Sharia-compliant, ensuring cultural and religious alignment. Within months, Tamara secured approval from the Saudi Central Bank to operate, an early sign of confidence in its approach.
Fast Growth and Investment
Tamara’s expansion has been remarkable. In 2021, the company closed a $110 million funding round, then followed it up with a record $340 million Series C in 2023. That investment pushed its valuation past $1 billion, making Tamara one of the Middle East’s leading unicorns. By 2025, the company had secured a $2.4 billion financing facility, supported by global institutions including Goldman Sachs, Citi, and Apollo.
The numbers behind the growth tell the story. Tamara now serves over 20 million users and partners with more than 80,000 merchants across Saudi Arabia, the UAE, Kuwait, and beyond. For many retailers, the platform has become an essential tool for driving sales, while customers view it as a trusted way to manage purchases.
Regulatory Milestone
One of Tamara’s most significant achievements came in March 2025, when it received a consumer finance license from the Saudi Central Bank. The license covered both financing and “buy now, pay later” services, making Tamara the first fintech startup in the Kingdom to reach this level of regulatory approval. For Alsukhan, the milestone was about compliance and about trust. It showed that a homegrown startup could operate at the same level of credibility as established financial institutions.
A Voice for Entrepreneurs
Abdulmajeed Alsukhan’s work has given him a platform far beyond his own company. He has become a regular speaker at entrepreneurship festivals, business conferences, and academic forums. Whether addressing students at Harvard or innovators in Sharjah, he emphasizes the combination of timing, discipline, and vision needed to build a lasting business.
His style of leadership focuses on clarity and collaboration. Tamara’s culture reflects this, with teams encouraged to adapt quickly, experiment, and think beyond traditional banking models. At the same time, Alsukhan often stresses that rapid growth must be sustainable and built on customer trust.
Beyond Payments
While Tamara’s “buy now, pay later” services remain at the core, the company is already preparing to broaden its reach. The goal is to become a comprehensive financial platform, offering services that cover more aspects of everyday money management. This ambition mirrors the broader transformation taking place in Saudi Arabia, where fintech is central to Vision 2030 and the push toward a diversified, technology-driven economy.
Lasting Impact
Abdulmajeed Alsukhan(Founder and Ceo of Tamara)’s journey highlights the changing face of entrepreneurship in the Gulf. From starting a small grocery delivery company to leading a billion-dollar fintech, he has shown how local insight can evolve into global innovation. Tamara’s rise reflects his determination and the growing confidence of international investors in the region’s potential.
For young founders, his story offers a lesson in spotting opportunities hidden in everyday experiences and acting decisively to turn them into scalable ventures. By blending global financial expertise with an understanding of local markets, Alsukhan has helped shape a company that is changing the way millions of people think about payments.
As Tamara continues to expand, its success will remain closely tied to his vision: building financial solutions that are simple, trusted, and aligned with the needs of the people who use them.
