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Tarabut

Fintech · Dubai, United Arab Emirates · Founded 2017

Tarabut operates as a regulated open banking and embedded finance platform focused on the Middle East and North Africa (MENA) region. Founded in 2017 by Abdulla Almoayed, the company was established to address a gap in the market for modern, personalized financial services. Almoayed, a serial entrepreneur with a background in finance and a history of investing in sectors like FinTech and cybersecurity, identified the potential for open banking after observing its maturity in the UK. He played a key role in collaborating with the Central Bank of Bahrain to pioneer the kingdom's open banking regulations, a significant milestone that set the stage for Tarabut's growth. The company's core business revolves around providing a universal Application Programming Interface (API) that connects a network of banks, fintechs, and other businesses. This infrastructure enables third-party providers to securely access customer-permissioned financial data to build and offer new applications and services. Tarabut's business model serves two primary client types: financial institutions, such as banks, seeking to comply with regulations and innovate, and fintech companies that need to integrate with traditional banking systems. Its revenue is generated through these B2B integrations, offering services like account information (AISP) and payment initiation (PISP). The platform operates in key MENA markets, including Bahrain, the United Arab Emirates (UAE), and Saudi Arabia, and holds regulatory licenses or approvals in all three. Tarabut's product suite facilitates a range of financial solutions. For consumers, it enables account aggregation, allowing them to view and manage accounts from multiple banks in one place. For its business clients, the platform provides data intelligence tools for real-time credit assessments, income verification, and personalized customer targeting. These capabilities support the creation of products such as credit cards for individuals with limited credit history, revenue-based financing for SMEs, and tools that reduce underwriting costs for lenders. The company has successfully raised $57 million in total funding over several rounds, including a $32 million Series A in May 2023, with backing from investors like Pinnacle Capital, Visa, and Tiger Global. Keywords: open banking, embedded finance, MENA fintech, financial API, Abdulla Almoayed, payment initiation, account aggregation, data intelligence, financial infrastructure, Bahrain, Saudi Arabia, UAE, Series A, Pinnacle Capital, Tiger Global, fintech platform, AISP, PISP, banking-as-a-service, financial inclusion, digital banking, API integration, credit assessment, SME financing