Dubai-based open banking platform Tarabut Gateway has raised $12 million in a funding round led by American investment firm Tiger Global in order to accelerate its expansion plans.
According to the company, “The latest pre-Series A funding takes the total raised by the company in the last eight months to $25 million.” Another new investor of the funding includes the Dubai International Fintech Fund, the Investment Vehicle of Dubai’s International Financial Center (DIFC).
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.
Tarabut Gateway is MENA’s first and largest regulated open banking platform that connects a regional network of banks and FinTechs via a universal applications programming interface (API). The company’s solutions allow financial institutions and fintechs to leverage open banking to scale their businesses across the region.
Abdulla Almoayed Founder & CEO Tarabut Gateway
“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.”
“With its understanding of the different markets in the region and a proven track record of innovation, we are delighted to have had the opportunity to invest in Tarabut Gateway. We have followed Abdulla and his team for some time and are excited about the opportunity and potential that Open Banking presents in the MENA region,” said Mr. John Curtius, Partner at Tiger Global Management.
Earlier this year, Tarabut Gateway raised $13 million in seed investment, the largest seed round in the MENA region for a fintech company.
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