Tarabut acquires Vyne to deliver A2A payments in MENA

By Gloria Methri

Tarabut, the open banking platform in MENA, has acquired London-based Vyne, a real-time account-to-account (A2A) payments platform for online businesses. This strategic acquisition bolsters Tarabut’s ability to deliver faster, more accessible, and more interconnected financial services, both across the region and globally.

The deal was closed on August 1st, strengthening Tarabut’s position as new regulations for Payment Initiation Services in Saudi Arabia and Open Finance in the UAE come into effect. The integration of Vyne’s technology into Tarabut’s operations will bring A2A payment capabilities to the Middle East, starting with Bahrain and expanding to Saudi Arabia and the UAE as Open Banking regulations evolve.

Established in 2019, Vyne has processed billions of dollars through an existing client and partner portfolio with hundreds of businesses in the retail, financial services, and automotive sectors. Using Vyne technology, customers can move money in real-time, paying directly from their bank account in seconds, bypassing expensive and slow traditional methods. This integration will enable instant, bank account-linked payments, offering unparalleled service to businesses in the retail, automotive, and SME sectors.

Tarabut’s existing tech stack of data and compliance products, coupled with Vyne’s payment expertise, opens new doors for seamless, cardless, account-to-account payment and streamlined operational processes, such as enhanced real-time reporting and reconciliation.

Abdulla Almoayed, CEO of Tarabut, said, “This allows us to bring mature, tried and tested payment products to the region and provide solutions for the everyday issues that merchants and consumers face when taking or making payments. With Vyne’s technology, we are well-positioned to capitalise on new opportunities for innovation, market penetration, and sustainable growth. This is a significant milestone in Tarabut’s mission to connect financial ecosystems in the Middle East seamlessly.”

Karl MacGregor, CEO and Co-Founder of Vyne added, “The Middle East is experiencing exponential growth and transformation in the financial services sector, and as regulations catch up, our technology can simultaneously ensure compliance and convenience. Merchants and consumers want speedy, secure, and convenient customised payment experiences. Open banking solutions can deliver on this demand. We believe the future of payments is digital, and they need to be frictionless, contactless, and fair. Becoming part of the Tarabut family allows us to bring our innovative payment solutions to one of the fastest-growing markets in the world.”

Tarabut’s acquisition of Vyne is the latest in a series of key investments designed to maintain and expand the company’s market dominance in the MENA region. These moves include the company’s $32 million Series A investment announcement in May 2023 and recent partnership announcements with major banks across Bahrain, the Kingdom of Saudi Arabia, and the UAE.