Tarabut Acquires Vyne in Preparation for MENA Regulatory Updates
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Tarabut, an Open Banking service from the MENA region, has bought Vyne, a London platform for account-to-account transactions used by online businesses. The company took this step to follow up with the new payment and Open Finance regulations in Saudi Arabia and the UAE.
Both the Financial Conduct Authority in the UK and the Saudi Central Bank (SAMA) have approved the acquisition. The deal, finalized on August 1, broadens Tarabut’s reach to include the UK. Details about the financial aspects of the deal have not been revealed.
Tarabut Aims To Enable Businesses In Various Areas To Process Real-Time Payments
According to Tarabut, the integration of Vyne’s technology will enable account-to-account payments in the Middle East, with Bahrain as the starting point. The company stated that it expects its first customer to start using the service by the end of the year. Businesses in retail, automotive, and small sectors will be able to process real-time payments linked to bank accounts.
The Chief Executive Officer of Tarabut, Abdulla Almoayed, said the company is excited to bring Vyne into the Tarabut team. He noted that this deal is an important part of Tarabut’s growth plan. It will help the firm offer reliable payment products in the region and solve common payment issues for both merchants and consumers.
Almoayed added that with Vyne’s technology, Tarabut is in a great position to take advantage of new opportunities for innovation and growth. This marks an important step in Tarabut’s goal to connect financial systems across the Middle East.
According to an April announcement, Al Etihad Payments, a unit of the Central Bank of the United Arab Emirates, teamed up with Core42 to enable Open Finance in the country. The announcement revealed that the implementation will begin with Open Banking, followed by Open Insurance. It is projected to serve most customers this year.
Vyne Plans To Ensure Compliance And Convenience As Regulations Evolve
Karl MacGregor, Co-founder and Chief Executive Officer of Vyne, said the Middle East is seeing rapid growth and changes in the financial services sector. He noted that as regulations change, Vyne’s technology is designed to ensure both compliance and convenience
According to MacGregor, consumers and merchants are looking for fast, convenient, and secure payment experiences. He revealed that Open Banking can deliver these features and digital payments should be seamless, contactless, and fair. He added that joining Tarabut will help Vyne bring its innovative solutions to a rapidly growing market.
In May 2023, Tarabut secured a $32 million Series A funding round, led by Pinnacle Capital, an alternative investment firm. The company noted that the round also saw participation from Tiger Global, Visa, Aljazira Capital, and other current investors.
