Open banking platform Tarabut Gateway has bagged $13m in its seed round, which was led by Target Global.
Other contributions to the round came from Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Tarabut Gateway claims this is the largest seed round raised in MENA.
With the fresh equity, the FinTech company plans to expand regionally and develop its current offerings. Part of its growth plans include hiring 40 additional team members.
The FinTech company, which was founded in 2017, has built an open banking API that enables third-party financial services providers to securely access financial data and build new apps and services. Features enable the distribution of personalised financial services and ensures partner banks can accelerate their technological partnerships.
Last year, the FinTech expanded its services into the UAE.
Tarabut Gateway CEO and founder Abdulla Almoayed said, “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.
“Through diligent regulation, this is a once-in-a-lifetime moment for MENA to gain a leading position in the global fintech arena. Something that we are very proud to be playing a part of.”
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