Middle Eastern Open Banking platform Tarabut Gateway has raised $13 million in what it claims is the largest fintech seed round in Mena history.
Berlin-based Target Global led the round for Tarabut Gateway, which is also backed by Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
The funding comes on the heels of Bahrain-based Tarabut's recent expansion into the UAE. The company says it will use the new money to hire 40 people, add new products, and move into new markets.
Specifically, the startup is hoping to benefit from the Saudi Central Bank's recent directive to implement a Kingdom-wide policy on Open Banking.
Abdulla Almoayed, CEO, Tarabut Gateway, says: "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."