This fresh influx of funds is hoped to bolster Tarabut Gateway's presence in Saudi Arabia as an open banking platform.
Tarabut Gateway, a UAE-based open banking platform, has closed a $32 million Series A round led by Pinnacle Capital, with participation from Aljazira Capital, Tiger Global and Visa, amongst other investors.
Founded by Abdulla Almoayed in 2019, Tarabut Gateway connects regional banks and fintech platforms through a universal API. “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," Almoayed, founder and CEO of Tarabut Gateway, tells StartupScene. "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 has already achieved over 60% market coverage in Saudi Arabia through its partnerships with leading banks, including Alinma Bank, Arab National Bank, Riyad Bank and Saudi National Bank. Tarabut Gateway was also one of the first participants in the Saudi Central Bank's Regulatory Sandbox, a crucial component in the rollout of the open banking framework in the region.
Tarabut Gateway has previously raised a $12 million pre-Series A round, as well as a #13 million Seed round in 2021. This fresh influx of funds is hoped to bolster Tarabut Gateway's presence in Saudi Arabia by attracting talent and forging strategic partnerships within the kingdom.
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