Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Entrepreneurship “is something that I’ve been brought up with,” says Abdullah Almoayed, the chief executive of open banking platform Tarabut Gateway.
“I was born and raised into a business family that s been a trading family quite known in the Middle East region for the last four generations,” he said.
Yet, instead of taking what would have seemed to many as the natural route into AK Almoayed, a family owned group with construction, building materials and other divisions that has been trading for more than 100 years, Abdullah “decided independence was something that was pretty important” and went his own way.
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Middle East Open Banking outfit Tarabut Gateway raises $13m 23 February 2021 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.
Tarabut s platform provides open banking services and rated as high growth prospect Open Banking is built around using consumer driven data to provide for a wider basket of financial services delivered digitally. Image Credit: Supplied
Dubai: This is already turning out to be a good year for UAE and Gulf based tech startups.
Tarabut Gateway, the fintech specialisng in open banking services, has secured $13 million in new funds – making it the largest fintech seed round in MENA history . Tarabut Gateway, with offices in Abu Dhabi and Dubai as well as in London and Manama, will expand both its team geographic reach with the support of the new cash in hand. The plan is to hire 40 additional team members by the end of this year.
Open Banking platform Tarabut Gateway raises USD 13 mln Tuesday 23 February 2021 14:19 CET | News
Bahrain-headquartered Open Banking platform Tarabut Gateway has raised USD 13 million in a seed round led by Germany-headquartered European VC Target Global.
The round was also joined by UK`s Kingsway and Entrée Capital as well as regional investors like CE Ventures, Zamil Investment Group, Global Ventures, Almoayed Technologies, and Mad’a Investment.
Tarabut Gateway is building services for the Middle East & North Africa, enabling fintechs and other financial services providers to access financial data of the customers from partner banks through its Open Banking APIs, which allows them to build new apps and services. It claims to be the first regulated (and largest) Open Banking platform in the region.