Dubai-based Tarabut Gateway, the first and largest open banking platform in the Middle East and North Africa (MENA), has raised $32m in a Series A funding round led by Pinnacle Capital. Aljazira Capital, Visa, Tiger Global and existing investors also participated.
Facts
- Tarabut Gateway raised $32m in a Series A funding round led by Pinnacle Capital, with participation from Aljazira Capital, Visa, Tiger Global, and existing investors.
- The open banking platform claims to be the first and largest in MENA, connecting banks and fintechs via a universal API.
- With the new funding, Tarabut Gateway plans to expand its presence in Saudi Arabia by attracting talent and forging new partnerships.
- The firm’s goal is to contribute to Saudi Arabia’s “ambitious” Saudi Vision 2030 plan, which aims to boost and diversify the nation’s economy.
- Tarabut Gateway claims to have achieved over 60% market coverage in Saudi Arabia through partnerships with banks including Alinma Bank, Arab National Bank, Saudi National Bank and Riyad Bank.
- Tarabut Gateway has been included as a participant in the Saudi Central Bank’s regulatory sandbox, which forms part of its recently introduced open banking framework.
- Abdulla Almoayed, founder and CEO of Tarabut Gateway, says the proceeds of the fundraise “will help us execute our strategy” to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks, and fintechs.
