Saudi fintech Tamara Finance has received an A- credit rating with a stable outlook from SIMAH Rating Agency’s TASSNIEF, in what the company described as its first independent credit assessment by the agency.
The rating is expected to support Tamara’s efforts to diversify its funding sources and expand access to Saudi capital markets. According to the announcement, it reflects the company’s financial position, low credit risk, asset quality, improved profitability and risk management framework.
Mohammed Alahmadi, Tamara’s chief financial officer, said the rating strengthens confidence among the company’s investors and financing partners and supports the expansion of its Shariah-compliant funding sources in Saudi Arabia.
Tamara said the assessment also supports its plans to expand its financial products and services. The GCC-based fintech currently serves more than 25 million customers and works with over 130,000 brands across retail, travel, education and healthcare.
The company is backed by Sanabil Investments, a wholly owned company of Saudi Arabia’s Public Investment Fund, and SNB Capital. The new rating follows $2.4 billion in asset-backed financing facilities secured last year from global financial institutions, including Goldman Sachs, Citigroup and Apollo-managed funds.
Source: EntArabi
