Tarabut Gateway Raises $32 Million Series A Round to Boost Open Banking in Saudi Arabia
Riyadh, Saudi Arabia - 3 May 2023 — Tarabut Gateway, MENA’s leading open banking platform, announces the completion of a US$32 million Series A fundraise.
The funding round was led by Pinnacle Capital, a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities. Pinnacle Capital partners have extensive transactional experience in the venture capital industry with a proven track record, including leading the first Saudi unicorn tech startup, Jahez, to a public listing. The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors.
The proceeds raised bolster Tarabut Gateway's footprint in the Saudi market, with a focus on attracting top talent and fostering strategic partnerships within the Kingdom. Tarabut Gateway has assembled an expert team of senior hires to build on the region’s recent Open Banking developments.
Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said, “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. 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’s mission is to create an open financial services sector that delivers open banking benefits to MENA's consumers, banks, and fintechs - and the proceeds of this fundraise will help us execute our strategy and contribute to realising the Kingdom of Saudi Arabia’s ambitious vision 2030.”
Tarabut Gateway takes pride in its diverse investor base, which highlights the company's regional leadership in open banking, and operational achievements. The team is looking forward to the partnership with Visa and its extensive expertise, experience, and network in the payment services sector, while also welcoming the continued investment from Tiger Global. The participation from Aljazira Capital, a bank affiliate institutional investor, is a testament to the importance of open banking in the region.
In KSA, Tarabut Gateway 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.
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, and we're excited to see them grow to new heights and contribute to the growth of the Saudi Arabian fintech space as part of the Vision 2030 strategy."
Andrew Torre, Regional President of Visa CEMEA, said, “Next-generation digital experiences and innovation are driving the future of financial services, and open banking is a growing movement that can help consumers better access and manage finances. We look forward to partnering with Tarabut Gateway, combining our global payments network and proven local solutions with their open banking platform to allow innovative financial services across the region.”
Naif Almesned, the CEO & Managing Director of Aljazira Capital, highlighted, “We believe in the importance of open banking and open data as transformative enablers empowering individuals and facilitating better financial inclusion. We are excited to support Tarabut Gateway and look forward to working together to provide Saudi individuals with better access to financial services.”
Tarabut Gateway is building an open banking infrastructure across Saudi Arabia, the UAE, and Bahrain, with plans for further MENA expansion. This capital infusion reflects the strong belief from Global investors in Tarabut Gateway's potential to continue leading the open banking landscape in the MENA region.
About Tarabut Gateway
Tarabut Gateway is the MENA region’s first and largest regulated open banking platform, which connects a regional network of banks and Fintechs via a universal application programming interface (API). By offering tools that allow the facilitation and distribution of personalized financial services, Tarabut Gateway enables financial institutions to build a new world of financial services in MENA.
With offices across Bahrain and UAE, Tarabut Gateway went live with its API infrastructure in December 2019 and is already a dedicated technology partner for the leading banks in Bahrain. In October 2020, Tarabut Gateway expanded its presence in MENA, establishing offices in Abu Dhabi and Dubai. In April 2022, Tarabut Gateway became the first open banking platform to secure AIS (account information services) and PIS (payment initiation services) Category 4 licenses from the Dubai Financial Services Authority (DFSA). The Saudi Central Bank - SAMA - has included Tarabut Gateway among the first participants of its Regulatory Sandbox, in 2022.
For more information visit: www.tarabutgateway.com
About Pinnacle Capital
Pinnacle Capital, a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities. Pinnacle Capital partners’ have an extensive transactional experience in the Venture Capital industry with a proven track record, for which they led the process of the first Saudi unicorn tech startup to be listed on a public exchange (e.i., Jahez) and many other successful transactions.