Tarabut Gateway, the Dubai headquartered Open Banking platform, has concluded a $12 million pre-Series A round, led by Tiger Global.
With offices across Bahrain, UAE and UK, Tarabut Gateway went live with its API infrastructure in December 2019. In October 2020, the firm expanded its presence in Middle East & North Africa (Mena) region, establishing offices in Abu Dhabi and Dubai.
Licenced as an Account Information Service Provider and Payment Initiation Service Provider, Tarabut Gateway is building a microservices-based platform that offers a single API for multi-jurisdictional access to banking data.
The latest financing follows a £13 million raise in February and will be used to grow the firm's tech and leadership team.
Abdulla Almoayed, Tarabut Gateway’s founder and CEO comments: “The Mena region is a complex web of countries and regulations. This makes it a challenging area to serve with any single overarching financial product whilst remaining compliant in a highly developed landscape with many differing markets. I’m glad to say this round is living proof that Tarabut Gateway is successfully pioneering in developing a cutting-edge solution for banks and fintechs in the region”
The funding follows Tiger Global’s most recent investment in other Open Banking players across the globe including Truelayer in the UK, and Mono in Africa.