Tarabut Gateway develops solutions that help financial institutions and fintechs to leverage open banking to facilitate and distribute of personalised financial services. Credit: Tarabut Gateway.

Bahrain-based open banking platform Tarabut Gateway has raised $12m in a pre-Series A round as it looks to accelerate its growth across the Middle East & North Africa (MENA) region.

The funding round was led by German venture capital firm Tiger Global, which also oversaw the company’s $13m seed funding round in this February.

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The round was also joined by new investors including the Dubai International Fintech Fund, the Investment Vehicle of Dubai’s International Financial Centre (DIFC).

Tarabut Gateway develops solutions that help financial institutions and fintechs to leverage open banking to facilitate and distribute personalised financial services.

The firm, which has footprints across Bahrain, UAE and the UK, is claimed to be the first licensed Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) in the MENA region.

Tarabut Gateway said the new capital will support the expansion of its technology and leadership team as it focuses on developing a microservices-based platform.

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This platform will offer a single Application Programming Interface (API), enabling multi-jurisdictional access to banking data.

Tarabut Gateway founder and CEO Abdulla Almoayed said: “The MENA region is a complex web of countries and regulations.

“This makes it a challenging area to serve with any single overarching financial product whilst remaining compliant in a highly developed landscape with many differing markets.

“I’m glad to say this round is living proof that Tarabut Gateway is successfully pioneering in developing a cutting-edge solution for banks and fintechs in the region.”

Tiger Global Management partner John Curtius said: “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.”

The development follows a series of investments made by Tiger Global in open banking players.

Last month, the firm led Nigerian open banking fintech Mono’s $15m in a Series A funding round last month.

In September this year, it invested in UK-based TrueLayer’s 130m funding round, which took its valuation to more than $1bn.