Tarabut Gateway raises US$32 million to boost open banking in Saudi Arabia
Tarabut Gateway, one of MENA’s leading open banking platform, raised US$32 million Series A fundraise to bolster its 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.
The funding round was led by Pinnacle Capital, an alternative investment firm that focuses on KSA investments to provide 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.
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 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. Our 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 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 Saudi Arabia, Tarabut Gateway has achieved over 60 percent market coverage through partnerships with leading banks. 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 commented, “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."
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.
