Tarabut Gateway, Mena’s foremost open banking platform, declares the completion of a $32 million Series A financing.
Pinnacle Capital, a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities, took the lead in this round of funding and served as the round’s lead investor.
Pinnacle Capital partners have considerable transactional expertise in the venture capital business and a strong track record, including taking the first Saudi unicorn software startup, Jahez, to a public offering.
This is just one example of their track record. In addition, Aljazira Capital, Visa, Tiger Global, and a number of other prominent existing investors participated in the funding round.
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Tarabut Gateway’s footprint in the Saudi market is strengthened as a result of the funds raised, with the primary goals of luring top talent and cultivating strategic partnerships within the Kingdom of Saudi Arabia.
In order to capitalize on the recent developments in Open Banking that have taken place in the region, Tarabut Gateway has put together an experienced team of senior hires.
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Remarks from Tarabut Gateway’s CEO
Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said: “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation.
“This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally.”
“Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to Mena’s consumers, banks, and fintech – and the proceeds of this fundraise will help us execute our strategy and contribute to realising the kingdom of Saudi Arabia’s ambitious vision 2030.”
It is a point of pride for Tarabut Gateway to have such a varied investor base, as this demonstrates the company’s regional leadership in open banking as well as its operational accomplishments. The team is excited about the partnership that will be formed with Visa because of the extensive knowledge, experience, and network that it possesses in the field of payment services.
In addition, the team is pleased that Tiger Global will continue to invest. The participation from Aljazira Capital, a bank affiliate institutional investor, is a testament to the importance of open banking in the region.
Through strategic partnerships with industry-leading banks in the Kingdom of Saudi Arabia, including Alinma Bank, Arab National Bank, Saudi National Bank, and Riyad Bank, Tarabut Gateway has achieved market coverage of more than 60 percent.
Tarabut Gateway was selected to be one of the first participants in the Saudi Arabian Monetary Authority’s (SAMA) Regulatory Sandbox, which is an essential part of the rollout process for the open banking framework.
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Other Opinions on Tarabut Gateway
In a statement, Abdulwahab Al Betairi, Founding Partner of Pinnacle Capital, stated, “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. We’re excited to see them grow to new heights and contribute to the growth of the Saudi Arabian fintech space as part of the Vision 2030 strategy.”
“Next-generation digital experiences and innovation are driving the future of financial services,” said Andrew Torre, Regional President of Visa CEMEA. “Open banking is a growing movement that can help consumers better access and manage their finances,” he added.
They are excited to enter into a partnership with Tarabut Gateway, which will allow them to combine their global payments network and tried-and-true local solutions with their open banking platform to enable the provision of innovative financial services throughout the region.
Naif Almesned, the CEO and Managing Director of Aljazira Capital, said in a statement, “We believe in the importance of open banking and open data as transformative enablers empowering individuals and facilitating better financial inclusion. We are excited to support Tarabut Gateway and look forward to working together to provide Saudi individuals better access to financial services.”
Tarabut Gateway is establishing an open banking infrastructure across Saudi Arabia, the UAE, and Bahrain, with plans for further Mena expansion. This capital infusion is evidence that global investors have a strong conviction in Tarabut Gateway’s potential to continue to lead the open banking landscape in the Mena region.