London-based start-up Vyne, a real-time account-to-account (A2A) payments platform for online businesses, has been acquired by Middle Eastern open banking player Tarabut, for an undisclosed sum.
The integration of Vyne’s technology into Tarabut’s operations will bring A2A payment capabilities to the Middle East, starting with Bahrain, where the first customer is expected to go live by the end of the year, and expanding to Saudi Arabia and the UAE as Open Banking regulations evolve.
Abdulla Almoayed, CEO of Tarabut says: “This acquisition is a pivotal step in our long-term growth strategy, allowing us to bring mature, tried and tested payment products to the region, and providing solutions for the everyday issues that merchants and consumers face when taking or making payments. With Vyne’s technology, we are well-positioned to capitalize on new opportunities for innovation, market penetration, and sustainable growth.”
The acquisition not only strengthens Tarabut’s technological infrastructure but also extends its operational footprint to the UK.
Karl MacGregor, CEO and co-founder of Vyne, says of the acquisition: " We believe the future of payments is digital and they need to be frictionless, contactless, and fair. Becoming part of the Tarabut family allows us to bring our innovative payment solutions to one of the fastest-growing markets in the world.”