Tarabut Gateway lands $32m in Series A funding
Dubai-based open banking platform Tarabut Gateway has secured $32 million in a Series A funding round led by Pinnacle Capital.
Tarabut Gateway bags $32m Series A
Aljazira Capital, Visa and Tiger Global also participated in the round along with a number of existing investors. The firm previously raised $12 million in a pre-Series A funding round held in November 2021.
Founded in 2017 with offices in Dubai and Bahrain, Tarabut Gateway claims to be the first and largest open banking platform in the Middle East and North Africa (MENA), connecting banks and fintechs in the region via a universal API.
With the new funding, the firm plans to expand its footprint in Saudi Arabia, with the aim to attract talent and forge new partnerships in the country.
“Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks and fintechs,” says Abdulla Almoayed, founder and CEO of Tarabut Gateway.
Almoayed adds that the proceeds of the fundraise “will help us execute our strategy” as the firm looks to contribute to Saudi Arabia’s “ambitious” Saudi Vision 2030 plan, which was set up 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.
The Saudi Central Bank (SAMA) has also included Tarabut Gateway as a participant in its regulatory sandbox, which forms part of its recently introduced open banking framework.
