Bahrain-based Tarabut Gateway has raised $13m in a seed funding round to scale up its operation and expand regionally.
The funding round was led by German venture capital firm Target Global. It was also joined by other investors such as Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies, and Mad’a Investment.
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Tarabut Gateway’s Open Banking API enables third-party financial services providers develop new apps and services by securely accessing financial data.
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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By GlobalDataTarabut Gateway, which was founded in 2017, is said to be the first company in Bahrain to get regulatory approval from the country’s central bank.
The start-up offers three products: account aggregation, payment initiation, and infrastructure access.
Tarabut, which has recently expanded into the UAE, also has retail banking partners in Kuwait, Lebanon, the UK, and India.
