UAE-based open banking platform, Tarabut, has acquired London fintech Vyne in a strategic move aimed at enhancing its ability to provide faster, more accessible, and interconnected financial services both regionally and globally. Established in Bahrain in 2019 by Abdulla Almoayed, Tarabut links a network of banks and fintechs in the region through a universal API. Vyne, founded the same year, specializes in real-time account-to-account (A2A) payments for online businesses.
Tarabut secured $32 million in a Series A funding round in May 2023, led by Pinnacle Capital, with contributions from investors like Aljazira Capital, Visa, and Tiger Global. Now, as the first and largest regulated open banking platform in the MENA region, Tarabut has announced the acquisition of Vyne, marking a pivotal expansion in its service capabilities. The acquisition, approved by both the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA), allows Tarabut to bring faster and more connected financial solutions to markets across the region and beyond.
The acquisition was finalized on August 1, positioning Tarabut to lead with cutting-edge financial services as Saudi Arabia implements Payment Initiation Services regulations and Open Finance frameworks emerge in the UAE. Vyne’s technology will enhance Tarabut’s offerings with real-time A2A payment services, beginning with Bahrain and expanding to Saudi Arabia and the UAE as regulations evolve. The first customer in Bahrain is expected to go live by year-end.
Vyne, a fast-growing player in the UK market, has processed billions in transactions across sectors like retail, financial services, and automotive. Its real-time payment technology enables customers to bypass traditional slow and costly payment methods, allowing for instant transfers directly from bank accounts. By integrating Vyne’s advanced A2A solutions, Tarabut aims to revolutionize payments in industries such as retail, automotive, and small and medium enterprises (SMEs), providing seamless, bank-account-linked payment options.
With new financial regulations on the horizon, Tarabut is well-prepared with its compliance-driven approach and expanded tech capabilities. The synergy between Tarabut’s existing data and compliance infrastructure and Vyne’s payment expertise opens opportunities for faster, cardless A2A payments, along with more efficient real-time reporting and reconciliation for businesses.
Abdulla Almoayed, Tarabut’s CEO, expressed enthusiasm about the acquisition, stating that Vyne’s technology will enhance the company’s ability to address common payment challenges faced by merchants and consumers. He noted that the acquisition marks a critical milestone in Tarabut’s long-term growth strategy, offering innovation, market expansion, and sustainable growth.
Vyne’s CEO and co-founder, Karl MacGregor, highlighted the Middle East’s rapid growth in financial services, emphasizing the importance of delivering fast, secure, and convenient payment experiences. He believes that the future of payments lies in digital solutions that are frictionless and contactless, and that joining forces with Tarabut will allow Vyne’s payment innovations to thrive in one of the world’s fastest-growing regions.
This acquisition not only enhances Tarabut’s technological capacity but also expands its operations into the UK, further solidifying its global leadership in open banking. Existing customers will experience improved services, while new customers will gain access to top-tier A2A payment solutions as regulatory frameworks unfold across the Middle East.
Tarabut’s acquisition of Vyne is part of a broader strategy to maintain its market leadership in the MENA region, following its recent $32 million Series A funding round and key partnerships with banks in Bahrain, Saudi Arabia, and the UAE.
