RIYADH: Tarabut Gateway, the Dubai-headquartered Open Banking platform, has concluded two funding rounds which raised $25 million in the last eight months
In February 2021, it pulled in $13 million in seed investment, the largest seed round in the MENA region for a fintech company.
The company has now announced a further GBP12 million investment through a pre-series-A funding round. Both were carried out by Tiger Global.
Tarabut Gateway welcomes new investors, including the Dubai International Fintech Fund and the Investment Vehicle of Dubai’s International Financial Center (DIFC), a company statement said.
Tarabut Gateway’s solutions allow financial institutions and fintechs to leverage Open Banking to scale their businesses across the region. It is the first licensed Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) in the Middle East & North Africa (MENA) region.
Abdulla Almoayed, Tarabut Gateway’s founder and CEO, said: “The MENA region is a complex web of countries and regulations. This makes it a challenging area to serve with any single overarching financial product whilst remaining compliant in a highly developed landscape with many differing markets.
“I’m glad to say this round is living proof that Tarabut Gateway is successfully pioneering in developing a cutting-edge solution for banks and fintechs in the region.”