Tarabut Gateway, a leading open banking platform, raises USD 32 million in funding to drive financial innovation in Saudi Arabia
Tarabut Gateway: Pioneering open banking in Saudi Arabia
Tarabut Gateway, a prominent fintech firm specializing in open banking solutions, has successfully raised USD 32 million in a recent funding round. The investment will empower the company to further enhance the open banking ecosystem in Saudi Arabia, fostering financial innovation and expanding access to digital financial services. The funding round signifies growing confidence in Tarabut Gateway’s mission and underscores the tremendous potential of open banking in the region.
In Saudi Arabia, the company has achieved over 60% market coverage through partnerships with leading banks such as Alinma Bank, Arab National Bank, Saudi National Bank and Riyad Bank. The Saudi Central Bank (SAMA) has included Tarabut Gateway as one of the first participants in its Regulatory Sandbox, which is a key component of the open banking framework rollout.
Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said: “Tarabut Gateway takes pride in its diverse investor base, which highlights the company’s regional leadership in open banking, and operational achievements. the startup’s mission is to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks, and fintechs”
Driving financial transformation with open banking
With the funding, the company aims to revolutionize the financial landscape in Saudi Arabia by leveraging the power of open banking. By enabling secure data sharing between financial institutions and third-party providers, Tarabut Gateway empowers individuals and businesses to access a wide range of innovative financial services, ultimately enhancing financial inclusion and fostering competition in the market.
Strengthening partnerships and expansion plans
Tarabut Gateway intends to utilize the funding to strengthen its strategic partnerships with leading financial institutions and fintech companies. By collaborating closely with key stakeholders, Tarabut Gateway aims to drive the adoption of open banking and facilitate the development of new and personalized financial products and services for customers.
According to Abdulaziz Al Jouf, the CEO and co-founder of Tarabut Gateway, “This funding round is a testament to the immense potential of open banking in Saudi Arabia. We are grateful for the trust placed in us by our investors and excited to continue our journey towards transforming the financial landscape of the region.”
Tarabut Gateway’s backers
The funding round was led by Saudi Technology Ventures (STV) and included participation from prominent investors, including Riyad Bank, Mada, STC Ventures, and VentureSouq.
Abdulwahab Al Betairi, Founding Partner of Pinnacle Capital said: “We’re thrilled to be backing Tarabut Gateway’s ambitious growth plans. Their innovative approach to open banking and their strong focus on Saudi Arabia make them a perfect partner for us”
Despite a slowdown in March, fintech continues to dominate regional startup funding.