Tarabut Gateway, a UAE-based open banking platform, has raised $12 million in a pre-Series A funding round led by New York-based investment firm Tiger Global.
Tiger Global was joined in the fundraise by Dubai International Fintech Fund, the investment arm of Dubai International Financial Centre (DIFC), as a new investor in this round.
The investment follows Tiger Global’s other bets in open banking players across the globe including Truelayer in the UK, and Mono in Africa. It has also backed several fintech companies in India, including neobanking startup Open.
Open banking allows third-party financial service providers open access to financial data from banks and non-bank financial institutions using technology to enable transparency.
The latest deal adds to the $13 million that Tarabut had raised in February this year from investors such as German venture capital firm Target Global, CE Ventures, Entrée Capital, Zamil Investment Group and Global Ventures.
Tarabut was founded in 2018 by Abdulla Almoayed, who is also its CEO. The company said it will use the new funding to add more people to its tech and leadership teams. It will also use the money to enhance its open banking platform across the Middle East and North Africa region.
“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,” said Almoayed.