- Tiger Global leads $12M pre-series-A round. This adds to February’s $13M investment allowing Tarabut Gateway to now announce its $25M total investment in the last eight months
- The investment will be used to grow the scaleup’s tech and leadership teams, enhancing the first and largest Open Banking platform across the MENA region
- Tarabut Gateway’s mission is to stimulate innovation and allow players within the market to build a new world of financial services by building a microservices based platform that offers a single API (Application Programming interface) which enables access to a multi-jurisdiction ecosystem
Dubai, United Arab Emirates: Tarabut Gateway, the Dubai-headquartered Open Banking platform, has concluded a seed round of $13M and pre-series-A funding round of $12M led by Tiger Global in the last eight months. Tarabut Gateway’s solutions allow financial institutions and fintechs to leverage Open Banking to scale their businesses across the region. Tarabut Gateway welcomes new investors including the Dubai International Fintech Fund, the Investment Vehicle of Dubai’s International Financial Center (DIFC).
The investment follows Tiger Global’s most recent investment in other Open Banking Players across the globe including Truelayer in the UK and Mono in Africa. Since its inception in 2001, Tiger Global has made investments into 30 countries around the globe in key startup regions such as India, Asia and further afield.
As the first licensed Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) in the Middle East & North Africa (MENA) region, Tarabut Gateway is fulfilling its mission to facilitate the creation and distribution of personalised financial services for banks and fintechs, as well as their end-users.
John Curtius, Partner at Tiger Global Management said; “People are increasingly sophisticated in how they utilise their money, and in a marketplace rife with such exciting growth such as the MENA region, we worked hard to find a company on the ground that shared our vision. With its understanding of the different markets in the region and a proven track record of innovation, we are delighted to have had the opportunity to invest in Tarabut Gateway. We have followed Abdulla and his team for some time and are excited about the opportunity and potential that Open Banking presents in the MENA region.”
Abdulla Almoayed, Tarabut Gateway’s founder and CEO highlighted; “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. I’m glad to say this round is living proof that Tarabut Gateway is successfully pioneering in developing a cutting-edge solution for banks and fintechs in the region.”
In February 2021, Tarabut Gateway raised $13M in seed investment, the largest seed round in the MENA region for a fintech company. This pre Series A doubles down on the company’s credentials, spurring it forward to serve millions more potential customers in this diverse region.
About Tarabut Gateway:
Tarabut Gateway is the MENA region’s first and largest regulated open banking platform, that connects a regional network of banks and FinTechs via a universal application programming interface (API). By offering tools that allow the facilitation and distribution of personalized financial services, Tarabut Gateway enables financial institutions to build a new world of financial services in MENA.
With offices across Bahrain, UAE and United Kingdom, Tarabut Gateway went live with its API infrastructure in December 2019, and is already a dedicated technology partner for the leading banks in Bahrain. In October 2020, Tarabut Gateway expanded its presence in MENA, establishing offices in Abu Dhabi and Dubai.
The business is led by Abdulla Almoayed, CEO and founder of Tarabut Gateway, who has over 15 years of investment experience across various sectors, especially focusing on digital transformation of the MENA region. He is a strong advocate for putting data ownership into the hands of the consumer and increasing access to financial services through emerging technologies.
About Tiger Global:
Tiger Global Management is an investment firm that deploys capital globally.
Tiger Global seeks to earn superior risk-adjusted returns for its investors over the long term. The firm’s fundamentally oriented investments focus primarily on the global Internet, technology, telecom, media consumer, and industrial sectors. The private equity strategy
has a ten-year investment horizon and targets growth-oriented private companies. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes.
As a Firm, Tiger Global values integrity, intellectual honesty, continuous improvement, process over outcome, teamwork, the drive to be world-class, and long-term thinking.
Tiger Global Management was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore, and Melbourne.