Tarabut Company Profile

Background

Company Overview

Tarabut, founded in 2017 by Abdulla Almoayed, is a leading open banking platform operating primarily in the Middle East and North Africa (MENA) region. The company aims to integrate financial services by providing real-time access to financial data and payment infrastructure, enabling banks, lenders, fintechs, and startups to develop advanced financial products. Tarabut operates in the United Arab Emirates (UAE), Bahrain, and Saudi Arabia, achieving over 90% bank coverage in Bahrain and Saudi Arabia.

Mission and Vision

Tarabut's mission is to create an accessible, personalized, and connected financial ecosystem in the MENA region. The company envisions a future where open banking drives innovation, enhances financial inclusion, and fosters collaboration between financial institutions and fintech companies.

Key Strategic Focus

Core Objectives

• Expansion of Open Banking Services: Tarabut focuses on expanding its open banking infrastructure across the MENA region, aiming to connect a broad network of banks and fintechs through universal APIs.

• Enhancing Financial Inclusion: The company strives to make financial services more accessible and affordable, particularly targeting underserved populations and small to medium-sized enterprises (SMEs).

Areas of Specialization

• Data Aggregation: Providing real-time access to financial data via secure open banking APIs.

• Payment Initiation: Facilitating secure bank-to-bank payments with real-time settlements.

• Personal Finance Management: Offering solutions that aggregate accounts, categorize expenses, and enrich transactions to empower users in making informed financial decisions.

Key Technologies Utilized

• API Infrastructure: Tarabut's robust API infrastructure ensures secure and efficient open banking capabilities, trusted by leading banks.

• Data Analytics: Leveraging data analytics to provide actionable insights and personalized financial services.

Primary Markets Targeted

• United Arab Emirates (UAE)

• Bahrain

• Saudi Arabia

Tarabut has established significant partnerships with leading banks in these countries, including Riyad Bank, Saudi British Bank (SABB), Alinma Bank, and Banque Saudi Fransi (BSF).

Financials and Funding

Funding History

• Seed Round (February 2021): Raised $13 million.

• Series A (May 2023): Secured $32 million, bringing total funding to $57 million.

Notable Investors

• Aljazira Capital

• Visa

• Tiger Global Management

• Pinnacle Capital

• D4 Ventures

Utilization of Capital

The funds are intended to enhance Tarabut's technological infrastructure, expand its market presence within the MENA region, and develop new products and services to meet the evolving needs of financial institutions and consumers.

Technological Platform and Innovation

Proprietary Technologies

• Universal API Platform: Facilitates seamless integration between banks and fintechs, enabling the creation and distribution of personalized financial services.

Significant Scientific Methods

• Data Categorization: Transforming raw transaction and merchant data into actionable insights.

• Income Verification: Verifying a user’s income with secure, real-time data directly from their bank account.

AI-Driven Capabilities

Tarabut employs advanced data analytics and machine learning algorithms to enhance customer engagement, personalize financial products, and improve decision-making processes for financial institutions.

Leadership Team

• Abdulla Almoayed: Founder & Chief Executive Officer.

• Tariq Sanad: Chief Financial Officer.

• Mitul Sudra: Chief Technology Officer & Technology Advisor.

• Nino Ocampo: Chief Product Officer.

• Prateek Pipara: Head of Finance.

The leadership team brings extensive experience in financial services, technology, and product development, driving Tarabut's strategic initiatives and growth.

Competitor Profile

Market Insights and Dynamics

The open banking market in the MENA region is experiencing rapid growth, driven by regulatory initiatives and increasing demand for digital financial services. The market is projected to grow at a compound annual growth rate (CAGR) of 20% from 2021 to 2026, reaching approximately $9 billion by 2026.

Competitor Analysis

• Lean: A venture capital-backed company based in Riyadh, Saudi Arabia, offering open banking solutions.

• TrueLayer: A London-based company providing financial software and open banking services.

These competitors focus on similar open banking services, leveraging API technologies to connect financial institutions and fintechs.

Strategic Collaborations and Partnerships

• Qarar: Partnered to revolutionize credit scoring and lending in the Middle East by leveraging open banking data to inform and automate credit decisions.

• Geidea: Collaborated to develop tailored SME financing solutions in Saudi Arabia, aiming to improve access to financing for SMEs.

• BENEFIT and FLOOSS: Joined forces to introduce a centralized open banking authentication solution in Bahrain, enhancing financial accessibility and security.

Operational Insights

Strategic Considerations

Tarabut's strategic partnerships with leading banks and fintechs position the company as a key player in the MENA open banking ecosystem.