Abdulla Almoayed/Tarabut Gateway.
Visa & Tiger Global line up for open banking fintech Tarabut Gateway’s $32m Series A
Tarabut Gateway offers open baning functionality across he Middle East and North Africa region.
Tarabut Gateway, an open banking platform operating in the Middle East and North Africa region, has raised $32m in a Series A fundraising round from investors including Visa & Tiger Global.
Other investors in the round include local Saudi investor Pinnacle Capital and Aljazira Capital and international investors Visa & Tiger Global.
Tarabut builds infrastructure essential for rapidly growing fintechs across Saudi Arabia, the UAE, and Bahrain; with plans for wider expansion across the MENA region.
The company will use the cash to expand its hiring and partnerships. It currently operates c.60 per cent market coverage through partnerships with Alinma Bank, Arab National Bank, Saudi National Bank and Riyad Bank and others.
The Saudi Central Bank (SAMA) has included Tarabut Gateway as one of the first participants in its Regulatory Sandbox, which is a key component of the open banking framework rollout.
Abdulla Almoayed, founder and CEO of Tarabut Gateway, says the company’s mission is to create an open financial services sector for consumers, banks, and fintechs across the Middle East and North Africa.
“Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally,” he said.