Tarabut Gateway, a Bahrain-based open banking platform, has completed a $32 milion Series A fundraise, which includes a first invesment in the nascent Middle East open finance scene by Visa.
The funding round was led by Pinnacle Capital, with participation from Aljazira Capital, Visa, Tiger Global, and existing investors.
With offices across Bahrain and UAE, Tarabut Gateway went live with its API infrastructure in December 2019 and in 2020opened offices in Abu Dhabi and Dubai.
The proceeds raised will be used to bolster Tarabut Gateway's footprint in the Saudi market, where it was among the first participants in the central bank's regulatory sandbox, a key component of the Kingdom's open banking framework rollout.
Abdulla Almoayed, founder and CEO of Tarabut Gateway, comments: "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. The proceeds of this fundraise will help us execute our strategy and contribute to realising the Kingdom of Saudi Arabia’s ambitious vision 2030.”
Andrew Torre, regional president of Visa CEMEA, says of the card scheme's investment: “Next-generation digital experiences and innovation are driving the future of financial services, and open banking is a growing movement that can help consumers better access and manage finances. We look forward to partnering with Tarabut Gateway, combining our global payments network and proven local solutions with their open banking platform to allow innovative financial services across the region.”