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Tarabut Gateway

Banking & Finance

Tarabut Gateway Overview

Tarabut, previously Tarabut Gateway, is the Mena region’s first and largest regulated open banking platform, connecting a regional network of banks, fintechs and businesses via a universal application programming interface (API).

Tarabut was established in 2017 by founder Abdullah Almoayed. Starting in Bahrain, the company has since expanded to the UAE and Saudi Arabia.

It claims to have connected to over 17 million bank accounts and acquired 90 percent bank coverage in Bahrain.

Tarabut says its goal is to create an open financial services industry, providing the benefits of open banking to consumers, banks and fintech firms.

In May 2023 Tarabut secured $32 million in Series A funding in order to promote open banking in Saudi Arabia. The funding round was led by Pinnacle Capital, along with Tiger Global, Visa and Aljazira Capital, among others.

In 2024 Tarabut acquired London-based Vyne, a real-time account-to-account payments platform for online businesses, which it plans to extend into Mena.

Tarabut Gateway News

Open banking allows for the sharing of data between banks and other institutions

Tarabut poised as Saudi plans open banking regulations

Open banking platform Tarabut Gateway is gearing up for the launch of new regulations in Saudi Arabia as the kingdom expands its financial technology offerings. The system of open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Ayman al Sayari, governor of the Saudi […]

Open banking allows financial data to be shared between banks and third-party apps such as payment services

Dubai’s Tarabut points way for open banking in GCC

The new chief financial officer of open banking platform Tarabut Gateway sees “exciting times ahead” as the company focuses on expansion in Saudi Arabia. It is also hoping to enter other Middle East markets. Open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Similar […]

Visa open banking

Visa makes first Mena open banking investment

Payments giant Visa has made its first investment into open banking in the Middle East and North Africa as the region seeks to develop its fintech sector. Open banking allows customers to share their financial data securely with a third-party provider to take advantage of new services and products. Tarabut Gateway, an open banking platform, […]

Saudi takes fintech to ‘new level’ with Open Banking Lab

The launch of a new Open Banking Lab in Saudi Arabia is set to take the fintech sector to a “new level” in the kingdom, according to industry experts. Saudi Central Bank, also known as Sama, is tracking the readiness of banks and fintechs with a view to launch open banking services by the end […]

Saudi’s cashless revolution well underway as investments soar

Saudi Arabia’s digital payments revolution is gathering pace with point-of-sale transactions surpassing ATM cash withdrawals for the first time in the second quarter of 2022. The kingdom’s transformation into a cashless economy resulted in point-of-sale (PoS) transactions rising 16.6 percent annually in Q2 to $36.7 billion, described by the Saudi Ministry of Investment (MISA) as […]

Mobile Phone, Cell Phone, Phone

Open all hours: inside the Gulf’s banking revolution

The UAE’s first open banking platform is helping fintech and banks bring personalised services to customers, and is accelerating the regional growth of this progressive sector The Gulf has the potential to leapfrog other regions of the world, including Europe, with its adoption of open banking as bricks and mortar branches “slowly disappear”, according to […]