Tarabut Gateway

Tarabut Gateway operates in the Middle East and North Africa, allowing fintech companies and other financial service providers to access customer data through the Open Banking API. This helps them create new applications and services. Tarabut Gateway claims to be the first regulated open banking platform in the region and has partners in Bahrain, Kuwait, Lebanon, Great Britain, India, the UAE.

Services provided by Tarabut Gateway include the aggregation of accounts that allow customers to collect data from all their accounts, credit cards, loans and mortgages in different banks in one place, as well as initiate payments from an account to an account (without using various banking applications).

History

2021: Attracting $13 million investment

At the end of February 2021, the Bahraini fintech company Tarabut Gateway raised $13 million in a round led by Target Global, a European venture capital fund founded by Russians. It was joined by British companies Kingsway and Entrée Capital, as well as regional investors such as CE Ventures, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad'a Investment.

Fintech project Tarabut Gateway from Bahrain raised $13 million

The founder and CEO of Tarabut Gateway Abdulla Almoayed noted the following:

The open banking industry is a catalyst that transforms the interaction of banks and financial technologies in the region. Tarabut Gateway provides an infrastructure that broadens the scope of cooperation between financial institutions and the thriving financial technology sector.

Tarabut Gateway plans to use the funds received to expand the state and cover new territories. The company plans to hire another 40 employees throughout the region by the end of 2021.^[1]

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