Bahrain-based open banking software supplier Tarabut Gateway received $13m in seed funding from investors including diversified conglomerate Almoayed General yesterday.
Venture capital firm Target Global led the round, which included CE Ventures, Entrée Capital, Global Ventures, Kingsway Capital, Mad’a Investment and Zamil Investment Group, while Almoayed General was represented by venture capital unit Almoayed Technologies.
Founded in 2017, Tarabut Gateway has built an open banking application programming interface (API) that enables banks and financial technology developers to provide personalised financial services for users based in Middle East and North Africa, having opened an office in the United Arab Emirates in October 2020.
The company graduated from DIFC FinTech Hive the following month, and Mad’a Investment supplied it with $1.5m in seed capital at an undisclosed date in the third quarter of 2020, an investment which likely formed part of the latest round.
