Tarabut Gateway has plans to build open banking infrastructure across Saudi Arabia, the UAE and Bahrain
Open banking fintech Tarabut Gateway has raised $32m in a series A funding round to increase its footprint in Saudi Arabia, attract top talent and develop partnerships in the country.
The funding round was led by Pinnacle Capital, a firm that focuses on investments in Saudi Arabia.
The round also saw participation from Aljazira Capital, Visa, Tiger Global, and other existing investors.
Tarabut Gateway have achieved more than 60% market coverage in the Saudi market, through partnerships with banks such as Alinma Bank, Arab National Bank and Saudi National Bank.
Headquartered in Dubai, it plans to build open banking infrastructure across Saudi Arabia, the UAE and Bahrain, before branching out further across the Middle East.
Abdulla Almoayed, founder and chief executive officer of Tarabut Gateway, said: “Open banking is reshaping the financial landscape in Saudi Arabia 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.
“The proceeds of this fundraise will help us execute our strategy and contribute to realising the Kingdom of Saudi Arabia’s ambitious vision 2030.”
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.”