The investment means that the fintech is now poised to follow through with its ambitious expansion plans across the region.
UAE-based open banking platform, Tarabut Gateway, has successfully raised a $13 million Pre-Series A funding round led by previous investor Tiger Global, as well as new investors including the Dubai International Fintech Fund, the Investment Vehicle of Dubai’s International Financial Center (DIFC).
Tarabut Gateway enables financial institutions and fintechs to utilise Open Banking to expand their businesses regionally. As MENA’s first licensed Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP), the Dubai-based startup acts as a facilitator of personalized financial services for fintechs and banks including their end-users.
Abdulla Almoayed, Tarabut Gateway’s founder and CEO highlighted; “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.”
Earlier this year in February, Tarabut Gateway secured a record-breaking $13 million seed investment. The investment will be channeled into fuelling the startup’s ambitious growth in the region.