back Back

Tarabut Gateway raises $32m, aims to boost Open Banking in KSA

By Leandra Monteiro

May 04, 2023

  • FinTechs
  • Fund Management
  • Funding
Share

Tarabut Gateway,Tarabut Gateway, MENA’s open banking platform, announces the completion of a $32 million Series A fundraise.

The funding round was led by Pinnacle Capital, an alternative investment firm that focuses on KSA investments to provide alternative investment opportunities. The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said, “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally. Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks, and fintechs – and the proceeds of this fundraise will help us execute our strategy and contribute to realising the Kingdom of Saudi Arabia’s ambitious vision 2030.”

The proceeds raised bolster Tarabut Gateway’s footprint in the Saudi market, with a focus on attracting top talent and fostering strategic partnerships within the Kingdom. Tarabut Gateway has assembled an expert team of senior hires to build on the region’s recent Open Banking developments.

Abdulwahab Al Betairi, Founding Partner of Pinnacle Capital, said, “We’re thrilled to be backing Tarabut Gateway’s ambitious growth plans. Their innovative approach to open banking and their strong focus on Saudi Arabia make them a perfect partner for us, and we’re excited to see them grow to new heights and contribute to the growth of the Saudi Arabian fintech space as part of the Vision 2030 strategy.”

Tarabut Gateway is building an open banking infrastructure across Saudi Arabia, the UAE, and Bahrain, with plans for further MENA expansion. This capital infusion reflects the strong belief from global investors in Tarabut Gateway’s potential to continue leading the open banking landscape in the MENA region.

Previous Article

May 04, 2023

Onfido brings identity verification service for Salesforce

Read More
Next Article

May 04, 2023

6 FinTechs empowering mothers to take charge of their finances

Read More






IBSi Daily News Analysis

Data privacy

June 19, 2024

FinTechs

EMEA faces $85bn annual financial crime compliance costs, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Aspen Digital gets approval for financial services operations in the Middle East

Read More

June 18, 2024

Ramify raises €11m to boost its wealth management platform

Read More

June 18, 2024

GoCardless partners with Federation of Small Businesses to tackle late payments

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023