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Home » Saudi fintech startups have raised $1.84 billion in venture capital investments since 2018: Monsha’at
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Saudi fintech startups have raised $1.84 billion in venture capital investments since 2018: Monsha’at

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Open banking platform Tarabut to ‘revolutionise’ payments in MENA after acquiring UK fintech Vyne, CEO says

RIYADH: Open banking platform Tarabut will integrate advanced technology from recently acquired payments company Vyne, bringing greater efficiency to the region, according to the company’s CEO.

In an interview with Arab News, Abdulla Al-Moayed highlighted the transformative impact that Vyne’s account-to-account payment technology will have on the Middle East’s financial landscape, particularly in Saudi Arabia.

“Vyne’s account-to-account payments technology brings a level of depth and efficiency to the region unmatched by anything currently available,” he said.

“By enabling faster transactions and offering a complete technology stack, we are not only accelerating payments: we are adding significant value with features such as seamless reconciliation. This will make payments not only faster but also more cost-effective, setting a new standard in the financial services industry in the Middle East, particularly in Saudi Arabia,” he added.

Asked about the challenges of integrating Vyne’s technology with Tarabut’s existing platform, Al-Moayed said he was confident of a smooth transition, thanks to the company’s established relationships with leading regional financial institutions.

“Given our strong integration within the ecosystem through Tarabut’s established relationships with leading banks, we anticipate a smooth and rapid deployment,” he said.

“The integration is well underway, and our first customer in Bahrain is expected to be operational within a few weeks. While regulatory environments vary across MENA (Middle East and North Africa) regions, our deep knowledge of these markets and existing partnerships will help us manage these differences effectively,” he added.

Regarding how the acquisition of Vyne will help differentiate Tarabut from other fintech players in the region, Al-Moayed highlighted the enhanced capabilities and new opportunities that the technology will bring.

“With Vyne’s technology, we are poised to revolutionize access to financial services, making them faster, more efficient and more affordable for our users,” he said.

“This acquisition allows us to close the loop on transaction processes for the various use cases we support, positioning Tarabut as the go-to platform for comprehensive financial solutions. It opens up new opportunities for us to innovate and deliver even more value to our customers across the region,” he added.

The deal, which received approval from the Saudi Central Bank and the UK Financial Conduct Authority, was finalised on 1 August, strengthening Tarabut’s market position as new regulations on payment initiation services in Saudi Arabia and open finance frameworks in the UAE come into force.

“We are delighted to welcome Vyne to the Tarabut family. This acquisition is a critical step in our long-term growth strategy, enabling us to bring proven and mature payment products to the region and provide solutions to the everyday problems that merchants and consumers face when accepting or making payments,” said Al-Moayed.

Founded in 2019, Vyne has quickly established itself as a major player in the UK, claiming to have processed more than £1 billion ($1.3 billion) in transactions.

Its technology allows customers to make instant and direct payments into their bank account, bypassing traditional, slower and more expensive methods.

This feature will soon be available across the Middle East, providing businesses in sectors such as retail, automotive and SMEs with simplified, card-free payment solutions.

“With Vyne’s technology, we are well positioned to capitalize on new opportunities for innovation, market penetration and sustainable growth. This is an important milestone in Tarabut’s mission to seamlessly connect the Middle East’s financial ecosystems,” added Al-Moayed.

The acquisition also strengthens Tarabut’s technology stack, combining its data and compliance products with Vyne’s payments expertise.

This integration is expected to improve operational efficiency, providing features such as real-time reporting and reconciliation.

As the region prepares for new financial regulations, Tarabut aims to adopt a compliance-driven approach, ensuring transparent and secure transactions across its expanding network.

“The Middle East is experiencing exponential growth and transformation in the financial services sector, and as regulations catch up, our technology can ensure compliance and convenience simultaneously,” said Karl MacGregor, CEO and co-founder of Vyne, in a press release.

“Merchants and consumers want personalized payment experiences that are fast, secure and convenient. Open banking solutions can meet this demand. We believe the future of payments is digital and should be seamless, contactless and fair. Being part of the Tarabut family allows us to bring our innovative payment solutions to one of the fastest growing markets in the world,” he added.

Founded in 2017, Tarabut raised $32 million in its latest funding round.

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Stamford investment firm secures $52 million for New York fintech startup

September 17, 2025

Funding for AI Agents for Financial Teams Grows by $55 Million

September 16, 2025

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