Tarabut Gateway to boost open banking in Saudi Arabia via $32m fundraise

Tarabut Gateway to boost open banking in Saudi Arabia via $32m fundraise

Riyadh – Mubasher: The region’s first open banking platform Tarabut Gateway has closed a $32 million Series A fundraise, which was led by Pinnacle Capital, a leading alternative investment company focusing on Saudi investments.

Leading Saudi investors and Aljazira Capital also took part in the funding round, along with Visa and Tiger Global, according to a press release.

The proceeds funded aim to endorse the platform's footprint in Saudi Arabia and mainly to focus on attracting top talent and foster strategic partnerships within the Saudi market.

Founder and CEO of Tarabut Gateway, Abdulla Almoayed, said: “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation.”

In 2022, Dubai International Financial Centre (DIFC) launched the first Open Finance Lab in the region that is powered by Tarabut Gateway. Almoayed said back then: “We are honoured to have been selected by DIFC as the platform partner for the region’s first Open Finance Lab.”

Regarding the $32 million investment, he elaborated: “This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally.”

Almoayed concluded: “Tarabut Gateway’s