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Paymob teams up with Tamara to bolster SMEs in GCC

Paymob teams up with Tamara to bolster SMEs in GCC
Islam Shawky, Co-Founder and CEO of Paymob, and Turki bin Zarah, Co-Founder of Tamara

Mubasher: Paymob, an Egypt-based financial services enabler, has joined forces with Saudi buy now pay later (BNPL) startup Tamara to anchor the small and midsize enterprises (SMEs) in the GCC region, according to a press release.

Under the collaboration, Tamara’s BNPL service will be integrated with Paymob’s secure gateway to power seamless payments by allowing customers to split their payments in four without any hidden fees or interest.

Paymob’s omnichannel payments infrastructure provides services to a total of 250,000 merchants in the region, while Tamara registers over 9 million users and more than 30,000 partner merchants.

The partnership forms a payments ecosystem that enables merchants to offer more comprehensive solutions and seamless customer experiences.

The two of MENA's fastest-growing fintech companies will team up to fuel the growth of the SME sector, which is the greatest contributor to gross domestic product (GDP) in the region.

Within the first phase of the agreement, the two companies will initially serve merchants in Saudi Arabia and the UAE, with more countries planned to go live in later stages.

Islam Shawky, Co-Founder and CEO of Paymob, said: "Our partnership with Tamara delivers on Paymob’s mission to fuel SME growth in the digital economy.”

“There is a massive opportunity to enable merchants in the GCC to capitalise on the power of alternative payment methods and we are thrilled to partner with Tamara to fuel this growth in MENA,” Shawky added.

Turki bin Zarah, Co-Founder and CCO of Tamara, commented: “As a leading commerce enabler, we are revolutionizing how people shop, pay, and bank and are thrilled to partner with Paymob as we deliver on this goal.”

In December 2023, Riyadh-based Tamara secured $340 million in a Series C funding round at a valuation of over $1 billion, which was co-led by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF).

Paymob’s growth across the region is backed by its 2022 Series B funding led by PayPal Ventures.