The round was also joined by UK`s Kingsway and Entrée Capital as well as regional investors like CE Ventures, Zamil Investment Group, Global Ventures, Almoayed Technologies, and Mad’a Investment.
Tarabut Gateway is building services for the Middle East & North Africa, enabling fintechs and other financial services providers to access financial data of the customers from partner banks through its Open Banking APIs, which allows them to build new apps and services. It claims to be the first regulated (and largest) Open Banking platform in the region.
According to its website, the fintech currently has partner banks in Bahrain, Kuwait, Lebanon, UK, India, UAE.
Started in Bahrain in 2017, Tarabut Gateway has recently expanded to the United Arab Emirates, and currently has offices in Abu Dhabi, Dubai, London, and Manama.
Its products include account aggregation and payment initiation – which allow its clients to provide their users with data from all their accounts, credit cards, loans and mortgages across different banks in one place, and initiate account-to-account payments (without having to open different banking apps).
Tarabut Gateway plans to use the latest funds to grow its team and expand regionally. The Bahraini fintech aims to hire an additional 40 team members across the region by the end of the year.
Other notable players in the Open Banking space include Saudi-based Lean Technologies that had raised $3.5 million in a seed round in 2020 and Dubai-based Dapi.
