Dubai-headquartered Tarabut Gateway has closed its seed round and Pre-Series A funding round on a combined total of $25m.
The FinTech secured $13m in its seed round and $12m in its Pre-Series A. Both capital injections were led by Tiger Global. Other investment contributions came from Dubai International Fintech Fund and the Investment Vehicle of Dubai’s International Financial Centre.
The seed round was also backed by Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies, and Mad’a Investment
Tarabut Gateway claims it is the only licensed account information service provider and payment initiation service provider in the Middle East and North Africa region.
Its mission is to support the creation and distribution of personalised financial services for banks and FinTechs. Tarabut Gateway’s solutions empower financial institutions and FinTechs to leverage open banking.
Tiger Global Management partner John Curtius said, “People are increasingly sophisticated in how they utilise their money, and in a marketplace rife with such exciting growth such as the MENA region, we worked hard to find a company on the ground that shared our vision.
“With its understanding of the different markets in the region and a proven track record of innovation, we are delighted to have had the opportunity to invest in Tarabut Gateway. We have followed Abdulla and his team for some time and are excited about the opportunity and potential that Open Banking presents in the MENA region.”
Tiger Global has completed several investments this year, including a recent $298m capital injection into retail trading and investing social network TradingView. The funding round brought TradingView’s valuation to $3bn.
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