Tarabut Gateway Raises $32M Series A for MENA Open Banking Infrastructure

Tarabut Gateway announced the close of a $32 million Series A funding round on May 3, 2023, aimed at expanding its open banking platform across the MENA region, with a particular focus on Saudi Arabia. The round was led by Pinnacle Capital, with notable participation from Aljazira Capital, Visa, Tiger Global, and other investors. Tarabut Gateway operates as an open banking infrastructure provider, connecting banks and fintechs through APIs in a manner similar to BaaS platforms.

The investment from Visa signals strong strategic interest from global payments networks in the MENA open banking ecosystem. Saudi Arabia's growing fintech regulatory framework and digital banking push make it a key target market for the company. The funding will be used to enhance the platform's API connectivity, onboard additional banking partners, and support product development.

This represents one of the largest open banking funding rounds in the MENA region, highlighting growing maturity in the market.