Tarabut Gateway, the first open banking platform in the region, has announced the successful closure of a $32 million Series A funding round. The round was led by Pinnacle Capital, a leading alternative investment company focused on Saudi investments, with participation from leading Saudi investors, Aljazira Capital, Visa, and Tiger Global.

The proceeds from the funding round will be used to endorse the platform's footprint in Saudi Arabia, attract top talent, and foster strategic partnerships within the Saudi market. Tarabut Gateway is building an open banking infrastructure across Saudi Arabia, the UAE, and Bahrain, with plans to further expand in the MENA region.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated: "This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally. Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to MENA's consumers, banks, and fintechs - and the proceeds of this fundraise will help us execute our strategy and contribute to realizing the Kingdom of Saudi Arabia’s ambitious vision 2030.” Tarabut Gateway has already achieved more than 60% market coverage in Saudi Arabia through partnerships with leading banks like Arab National Bank (ANB) and others. Last year, the platform announced four partnerships with listed Saudi lenders Riyad Bank, Saudi British Bank (SABB), Alinma Bank, and Banque Saudi Fransi. The company was also included as one of the first participants in the Saudi Central Bank's Regulatory Sandbox.