Strategic Acquisition to Enhance Financial Services Across MENA and Beyond
Tarabut, a UAE-based open banking platform, has successfully acquired Vyne, a London-headquartered account-to-account (A2A) payments platform, as part of its ambitious plan to expand its capabilities and reach across the MENA region and other international markets.
The acquisition, finalized in August this year, aligns with Tarabut’s strategic vision of enhancing its presence in the financial services sector by offering faster, more accessible, and highly interoperable solutions. This move is a significant step in Tarabut’s long-term growth strategy, positioning the company to play a pivotal role in shaping the future of financial technology in the region and beyond.
PC: Business Wire
Enabling Seamless A2A Payments and Real-time Financial Operations
The acquisition of Vyne is set to significantly enhance Tarabut’s ability to provide seamless, cardless account-to-account (A2A) payments, allowing end-users to transfer funds instantly and directly from their bank accounts without the need for costly and time-consuming traditional financial intermediaries. This development will streamline the entire payment process, enabling real-time reporting and reconciliation of all operational activities.
By eliminating the delays and complexities often associated with conventional payment channels, Tarabut aims to create a smoother, more efficient payment experience for its clients, further solidifying its position as a leader in the financial technology space. Through this integration, Tarabut is not only simplifying transactions but also ensuring greater transparency and control over payment operations, paving the way for a more user-friendly and cost-effective financial ecosystem.
Expanding Tarabut’s Global Reach
Already a key player in the open banking sector, Tarabut has a strong presence in the UAE, the United Kingdom, Saudi Arabia, and Bahrain. The company connects regional banks with financial technology firms through universal APIs, offering tools that power everything from payments to credit origination services. The acquisition is said to open new horizons for Tarabut, thereby allowing the firm to further bolster its service offerings both at a regional MENA level as well as globally.
Background and Financial Support
In May 2023, Tarabut raised $32 million in a Series A round of funding. The round was led by Pinnacle Capital and backed by major investors, including Visa, Tiger Global, and Aljazira Capital. The funding set the pace for Tarabut to continue making such strategic moves-like the acquisition of Vyne-which have seen it continue to increase its influence in the open banking industry.
Although the financial details are not disclosed, this deal marks a significant move for Tarabut on its path to disrupting financial services. Equipped with Vyne’s technology, Tarabut will accelerate toward faster and frictionless financial services, further solidifying its position as the leading open banking player in the MENA region and beyond.
