MENA-based Open Banking platform Tarabut Gateway has announced the successful completion of a USD 32 million Series A funding round. The investment was led by Pinnacle Capital, an alternative investment firm that focuses on KSA investments to provide alternative investment opportunities.

The funding will help Tarabut Gateway to expand its footprint in the Saudi market, attract new talent, and foster strategic partnerships within the Kingdom. Tarabut Gateway assembled an expert team of senior hires to build on the region's recent Open Banking developments. With over 60% market coverage in KSA through partnerships with banks such as Alinma Bank, Arab National Bank, Saudi National Bank, and Riyad Bank, Tarabut Gateway is building an Open Banking infrastructure across Saudi Arabia, the UAE, and Bahrain.

The company also plans to expand further across the MENA region, according to the press release. The Saudi Central Bank (SAMA) included Tarabut Gateway as one of the first participants in its Regulatory Sandbox, which is a key component of the Open Banking framework rollout. Tarabut Gateway reportedly 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 personalised financial services, Tarabut Gateway enables financial institutions to build new financial services in MENA, the press release continues. The funding round saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors. The diverse investor base highlights the company's regional leadership in Open Banking and operational achievements.

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. What do Tarabut Gateway, Visa, and Aljazira Capital think of the fundraising? According to the founder and CEO of Tarabut Gateway, Open Banking is reshaping the financial landscape in KSA and the wider Middle East.

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 the company execute its strategy and contribute to realising the Kingdom of Saudi Arabia’s ambitious vision 2030. According to the Regional President of Visa CEMEA, 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. Visa looks forward to partnering with Tarabut Gateway, combining its global payments network and proven local solutions with the latter’s Open Banking platform to allow innovative financial services across the region.

The CEO & Managing Director of Aljazira Capital highlighted that the company believes in the importance of Open Banking and Open Data as transformative enablers empowering individuals and facilitating better financial inclusion. .