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Image used for illustrative purpose. Seed funding or seed stage funding is a very early investment which aims at helping a business grow and generating its own capital. Also referred to as seed money or seed capital, investors often get equity stake in exchange for the capital invested.
Dubai-based Open banking platform Tarabut Gateway has raised $12 million in a funding round led by Tiger Global, which will be used to grow Tarabut’s tech and leadership team.
The latest pre-Series A funding takes the total raised by the company in the last eight months to $25 million.
The announcement follows other investments by New York-founded Tiger Global in other open banking players including Truelayer in the UK and Mono in Africa.
Other new investors include DIFC’s Dubai International Fintech Fund, Tarabut said.
Open banking allows third-party financial service providers open access to financial data from banks and non-bank financial institutions using technology to enable transparency.
Tarabut said it aims to facilitate the creation and distribution of personalised financial services for banks and fintechs, as well as their end-users, adding that it was the first licensed account information service provider (AISP) and payment initiation service provider (PISP) in the MENA region.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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