Tarabut Gateway, the leading open financial platform in the Middle East and North Africa (MENA), received $32 million in an investment round known as Series A.
Tarabut Gateway is the MENA region’s first and largest regulated Open Banking platform, serving as an AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider) and connecting a network of regional banks and fintech companies via API.
With the help of banks like Alinma Bank, Arab National Bank, Saudi National Bank, and Riyad Bank, the company has reached over 60% of the market in Saudi Arabia. Tarabut Gateway is among the first companies to join the Saudi Central Bank’s Regulatory Sandbox.
According to Abdulla Almoayed, the founder and CEO of Tarabut Gateway, the money will assist the company in putting its strategy into action and contributing to the realization of Saudi Arabia’s Vision 2030 goal. The plan aims to make the country less dependent on oil and spread out its economy by helping the fintech business grow.
Tarabut Gateway will use the cash raised to grow its presence in Saudi Arabia, acquiring top personnel and creating key collaborations. The company intends to spread its open banking infrastructure throughout the UAE, Bahrain, and the MENA region.
Pinnacle Capital, an investment company from Saudi Arabia, was responsible for the round. Aljazira Capital, Visa, Tiger Global, and other existing investors participated. The variety of investors shows that Tarabut Gateway is a leader regarding open banking and operational achievements.