The Bahrain-born startup will push forward with ambitious expansion plans as it looks to lead the line in open banking both regionally and internationally.
Bahrani open banking platform, Tarabut Gateway, has raised what has been touted as the largest fintech seed funding round, with a $13 million investment led by Target. With participation from Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a, the investment comes hot on the heels of the startup's October, 2020 expansion into UAE.
Founded in 2017 by Abdulla Almoayed, Tarabut Gateway boasts an open banking API that enables third-party financial services to access financial data securely and develop new services. It does by offering tools that facilitate and distribute personalised services, while also opening the path for banks to accelerate technological partnerships at lower costs.
In addition to headquarters in its native Manama, as well as offices in ABu Dhabi and Dubai, the startup also has a base in London. This, coupled with the news of the Saudi Central Bank's directive to apply a nationwide policy on open banking, places Tarabut Gateway at the head of open banking in MENA and maybe beyond.
“The Open Banking industry is a catalyst for transforming the way banks and Fintechs in the region interact with one another,” said Almoayed, who also serves as Tarabut gateway’s CEO. “With regional regulators quickly adopting it in their strategies, Tarabut Gateway provides the infrastructure which enables enhanced collaborations between financial institutions and an increasingly agile and flourishing regional FinTech sector. Through diligent regulation, this is a once-in-a-lifetime moment for MENA to gain a leading position in the global fintech arena.”
The funding will be channeled into Tarabut Gateway’s grand expansion plans for next year, while internally, the startup aims to hire 40 new team members across the region.
Learn more about Tarabut Gateway here.
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