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UAE-based FinTech and Open Banking platform Tarabut Gateway has successfully raised $12M in its latest funding round. The Pre-Series A round was led by Tiger Global and welcomed participation from new investor Dubai International Fintech Fund, the Investment Vehicle of Dubai International Financial Center (DIFC).
Founded in 2017, Tarabut Gateway offers intricate solutions that allow financial institutions and FinTechs to leverage Open Banking in scaling their businesses across the region. As the first licensed Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) in the Middle East & North Africa (MENA) region, Tarabut Gateway is fulfilling its mission to facilitate the creation and distribution of personalized financial services for banks and FinTechs, as well as their end-users.
The FinTech ecosystem across MENA, Turkey, and Pakistan has been observing an unprecedented influx of capital, with startups and investors leaning towards the digitization of financial structures. As recorded in our Q3 2021 EVM FinTech Venture Investment Report, MENA-FinTech startups raised almost double the funding by Q3 2021 resulting in a 169% YoY growth by the third quarter of this year. UAE-based FinTech startups like Tabby, BitOasis, and Sarwa, and most recently Fintech Galaxy have closed major rounds to drive the UAE’s share of MENA investment in FinTech up to 50% by Q3 2021.
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Financial Data such as mortgages, savings, pensions, insurance, and consumer credit – basically a customer’s financial footprint – could be opened up to trusted and regulated by permission third-party APIs (. In an unprecedented influx of capital towards digital payment, FinTech, and Open Banking innovations, this latest investment comes as a market validation and scaling opportunity for the UAE-based startup. In a strategic series of investments, this latest funding round was preceded by a $13M SEED round led by global VCs like Target Global, Kingsway Capital, CE-Ventures, Zamil Group, and Global Ventures. In light of this pivotal fundraise, Abdulla Almoayed, Tarabut Gateway’s founder and CEO highlighted; “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.”
As Tarabut Gateway builds new innovations to bring forth the FinTech disruption across MENA, the startup will channel the newly acquired investments to scale its operations and grow its Tech and Leadership teams. John Curtius, Partner at Tiger Global Management concluded “People are increasingly sophisticated in how they utilize 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.”
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