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23 February 2021, by ADGM's Staff Editor
Open banking platform Tarabut Gateway has secured $13M in a seed funding round led by Target Global. Other investors included Kingsway, CE Ventures, EntreĢe Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
This funding marks the largest fintech seed round in the MENA region and follows Tarabut Gateway’s recent expansion into the UAE.
In September 2020, Tarabut Gateway expanded to ADGM to further grow the company and its technology department. Abu Dhabi is the ideal location, in particular, as the Emirate has made fintech a priority by establishing a holistic fintech ecosystem where startups and established players alike can thrive and prosper. The Emirate's strategic location, access to a vibrant ecosystem and phenomenal talent make it an attractive destination for any growing fintech in the region.
Since its establishment in 2017, Tarabut Gateway has developed an open banking API (application programming interface) that allows third-party financial services providers to securely access financial data and develop new apps and services. It offers tools that allow the facilitation and distribution of personalized financial services and ensures all partner banks accelerate their technological partnerships at significantly reduced costs.
Abdulla Almoayed, CEO and Founder of Tarabut Gateway 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 open banking 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 the MENA region to gain a leading position in the global fintech arena. This is something we are very proud to be playing a part of.”
Tarabut Gateway, which has offices in Abu Dhabi, Dubai, London, and Manama, will use the funding to support with expanding regionally and developing current product offerings.
As part of Tarabut Gateway’s growth plan for the next year, the business aims to hire 40 additional team members across the MENA region by the end of 2021.
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