Middle Eastern Open Banking Firm Tarabut Acquires Vyne

Tarabut, a Middle Eastern open banking platform, has acquired UK-based fintech Vyne, a real-time account-to-account (A2A) payments platform for online businesses, for an undisclosed amount. The acquisition, completed on August 1 after approvals from the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA), is a strategic move to enhance Tarabut’s capabilities in the region.

Vyne’s technology will be integrated into Tarabut’s existing tech stack, enabling the introduction of A2A payment services across the Middle East. The rollout is expected to begin in Bahrain by the end of the year, with further expansion planned in Saudi Arabia and the UAE, where new regulations for payment initiation and open finance are being implemented.

Tarabut CEO Abdulla Almoayed described the acquisition as a key step in the company’s growth strategy, aimed at addressing payment challenges faced by merchants and consumers in the region. The move positions Tarabut to leverage new opportunities for innovation and market expansion in the MENA region.

Tarabut’s platform facilitates data sharing and payment initiation across the MENA region by connecting banks and fintechs through universal APIs, fostering financial innovation. Since its launch in 2019, Tarabut has attracted clients such as the National Bank of Bahrain, digital lending platform Flooss, and crypto platform Rain.

Last year, Tarabut secured $32 million in a Series A funding round led by Pinnacle Capital, with support from Visa, Tiger Global, and Aljazira Capital.