MENA-based Open Banking platform Tarabut Gateway has formed a strategic partnership with global payments provider Visa to develop and launch new products and services powered by Open Banking.
It follows Tarabut Gateway’s Series A $32 million fundraise announced earlier this month, in which Visa participated as an investor.
The two companies will initially collaborate on creating data-driven offerings, such as credit risk assessments, advanced analytics, and insights, before working on additional solutions focued on cross-border payments and lending.
Abdulla Almoayed, founder and chief executive officer of Tarabut Gateway, said: “Our existing close relationship, through Visa’s investment in Tarabut Gateway, has paved the way for this collaboration. The progress of Open Banking in the Middle East in recent years has been remarkable, and we are grateful for the opportunity to lead the sector and support the entire ecosystem.”
He added: “Together with Visa, we will leverage our data infrastructure to bring new and improved products to customers.
“As a visionary in the payments industry, Visa’s solutions will support innovation and collaboration across the MENA financial sector, and our strategic alignment will strengthen this partnership.”
Visa’s investment in Tarabut Gateway marks its first foray into the MENA Open Banking sector.
“The future of financial services is being shaped by next-gen digital innovation, with Open Banking and data sharing serving as a significant driver to help consumers better manage and access their finances,” said Otto Williams, senior vice president and head of product, partnerships, and digital solutions for Visa Central and Eastern Europe, Middle East, and Africa.
Williams added that, in the future, the key drivers of growth in digital financial services will be innovation and openness.
“By partnering with Tarabut Gateway and integrating our global payments network with their Open Banking platform, we are poised to deliver innovative financial services that cater to the unique needs of the MENA region. Our shared commitment to next-generation solutions will enable us to transform the financial landscape and offer cutting-edge services to our customers,” he said.
Tarabut Gateway’s fundraise was led by alternative investment firm Pinnacle Capital, with participation from bank affiliate institutional investor Aljazira Capital, Tiger Global, and other existing investors, as well as Visa.
Main image L-R: Abdulla Almoayed, founder and chief executive officer of Tarabut Gateway, and Otto Williams, SVP and head of product, partnerships and digital solutions for Visa Central and Eastern Europe, Middle East and Africa.