Tarabut Gateway, the leading open banking platform in the Middle East and North Africa (MENA), has raised $32 million in a Series A funding round.
Tarabut Gateway is the first and biggest regulated Open Banking platform in the MENA region, acting as an AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider) that connects a network of regional banks and fintech companies through API.
The company has achieved over 60% market coverage in Saudi Arabia, partnering with banks such as Alinma Bank, Arab National Bank, Saudi National Bank, and Riyad Bank. The Saudi Central Bank has also included Tarabut Gateway as one of the first participants in its Regulatory Sandbox.
Abdulla Almoayed, founder and CEO of Tarabut Gateway, said that the funds raised would enable the company to execute its strategy and help to realize Saudi Arabia’s ambitious Vision 2030 plan. The plan aims to reduce the country's dependence on oil and diversify its economy by supporting the growth of the fintech industry.
The funds raised will allow Tarabut Gateway to expand its footprint in Saudi Arabia, including attracting top talent and forging strategic partnerships. The company plans to expand its open banking infrastructure across the UAE, Bahrain, and the wider MENA region.
The round was led by Pinnacle Capital, a Saudi Arabian investment firm, with participation from Aljazira Capital, Visa, Tiger Global, and other existing investors. The diverse investor base highlights Tarabut Gateway's regional leadership in open banking and operational achievements.