Tarabut Gateway, a Dubai, UAE-based provider of an open banking platform, raised US$32M in Series A funding.
The round was led by Pinnacle Capital with participation from Aljazira Capital, Visa, and Tiger Global.
The company intends to use the funds to bolster its presence in the Saudi market, with a focus on attracting top talent and fostering strategic partnerships within the Kingdom.
Led by Abdulla Almoayed, Founder and CEO, Tarabut Gateway is a MENA regulated Open Banking platform that connects a regional network of banks and FinTechs via a universal application programming interface (API). The company enables secure data flow and connectivity between banks and fintechs, supports the creation of a large ecosystem, and provides an improved consumer experience.
Tarabut Gateway is building an open banking infrastructure across Saudi Arabia, the UAE, and Bahrain, with plans for further MENA expansion. In the Kingdom of Saudi Arabia, the company has achieved over 60% market coverage through partnerships with banks such as Alinma Bank, Arab National Bank, Saudi National Bank and Riyad Bank.
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