Tarabut Gateway, the fintech focussing in ‘open banking’ services, has secured $13 million in new funds – “making it the largest fintech seed round in MENA history”. Tarabut Gateway, with offices in Abu Dhabi and Dubai as well as in London and Manama, will grow both its team geographic reach with the support of the new cash in hand. The plan is to hire 40 further team members by the end of this year.
The new projects were led by Target Global, a Berlin-based venture capital firm, as well as Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
An evolving genre within the financial services industry, Open Banking allows third-party entities access to consumer data from banks and other institutions. This is done with the permission of the consumers.
It was in October that Tarabut made its entry into the UAE. According to CEO Abdulla Almoayed, “The open banking industry is a catalyst for transforming the way banks and fintechs in the region interact with one another. With regional regulators quickly adopting it in their strategies, Tarabut Gateway provides the infrastructure which enables enhanced collaborations between financial institutions and an increasingly agile and flourishing regional FinTech sector.”