Open Banking platform Tarabut Gateway has secured $13M in a Seed funding round, led by Target Global. Other investors included Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies, and Mad’a Investment.
This funding marks the largest Fintech Seed round in MENA and follows Tarabut Gateway’s recent expansion into the UAE in October 2020.
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Since its establishment in 2017, the company has developed an Open Banking API (application programming interface) that allows third-party financial services providers to securely access financial data and develop new apps and services. It offers tools that allow the facilitation and distribution of personalized financial services and ensures all partner banks accelerate their technological partnerships at significantly reduced costs.
Abdulla Almoayed, CEO and Founder of Tarabut Gateway said,
“The Open Banking industry is a catalyst for transforming the way banks and Fintechs in the region interact with one another. With regional regulators quickly adopting it in their strategies, Tarabut Gateway provides the infrastructure which enables enhanced collaborations between financial institutions and an increasingly agile and flourishing regional FinTech sector. Through diligent regulation, this is a once-in-a-lifetime moment for MENA to gain a leading position in the global fintech arena. Something that we are very proud to be playing a part of.”
Tarabut Gateway welcomed the recent news of the Saudi Central Bank’s (SAMA) directive to implement a Kingdom-wide policy on Open Banking, in line with the vision and strategic objectives of the Financial Sector Development Program. Bahrain was the first country in the region to outline an Open Banking Policy and framework, with Tarabut Gateway being the first to graduate from the Central Bank of Bahrain’s regulatory sandbox.
Tarabut Gateway, which has offices in Abu Dhabi, Dubai, London, and Manama, will use the funding to support expanding regionally and developing current product offerings.
As part of Tarabut Gateway’s growth plan for the next year, the business aims to hire 40 additional team members across MENA by the end of 2021.