Open Banking Platform Tarabut Gateway Bags $13 Million in Seed Funding

SourceFintechnews Middle East
SectorFinancial Services

Bahrain-based open banking platform Tarabut Gateway has secured $13 million during a seed funding round. The announcement follows Tarabut Gateway’s recent expansion into the UAE in October 2020. Tarabut Gateway, which has offices in Abu Dhabi, Dubai, London and Manama, reported that the funding will support it in scaling its team and expanding regionally. The funding round was led by Target Global, a Berlin-based venture capital firm. Tarabut Gateway has also received the backing of other investors including Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment. Advertisement With its partnerships already spanning across the region, Tarabut Gateway welcomed the recent news of the Saudi Central Bank’s (SAMA) directive to implement a Kingdom-wide policy on open banking, in line with the Financial Sector Development Program. Additionally, Tarabut Gateway was the first to graduate from the Central Bank of Bahrain’s regulatory sandbox. As part of Tarabut Gateway’s growth planned for the next year, the business aims to hire 40 more...