Tiger Global Invests in Open Banking With Tarabut in Middle East - Bloomberg
Tiger Global Management led a fundraising round for Middle East fintech firm Tarabut Gateway, adding to its series of deals involving open-banking startups around the world in the past few months.
As part of a rare investment in the region for the New York-based firm, Tarabut has raised $12 million from backers that also include the Dubai International Fintech Fund, the investment vehicle of the emirate’s financial center, according to a statement on Tuesday.
The funding will help Tarabut expand its open-banking platform into Saudi Arabia and North Africa, Tarabut founder and Chief Executive Officer Abdulla Almoayed said in an interview. The firm has now raised $25 million in total over the past eight months.
“We want to create the underlying infrastructure for the next level of financial services in this region and our aspiration is to build a global company from the Middle East,” Almoayed said.
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