Tarabut Acquires UK Payments Platform Vyne Ahead Of New MENA Regulatory Requirements

RIYADH, Saudi Arabia--(BUSINESS WIRE)--Tarabut, the first and largest regulated open banking platform in the MENA region, today announced the acquisition of London-based Vyne, a real-time account-to-account (A2A) payments platform for online businesses. This strategic acquisition, which has been approved by both the Saudi Central Bank (SAMA) and the UK's Financial Conduct Authority (FCA), bolsters Tarabut’s ability to deliver faster, more accessible, and more interconnected financial services, both across the region and globally.

The deal closed officially on August 1st, positioning Tarabut to lead the way as new regulations for Payment Initiation Services in Saudi Arabia and Open Finance in the UAE come into effect. The integration of Vyne’s advanced technology into Tarabut’s operations will bring cutting-edge A2A payment capabilities to the Middle East, starting with Bahrain, where the first customer is expected to go live by the end of the year, and expanding to Saudi Arabia and the UAE as Open Banking regulations evolve.

Vyne, established in 2019, has quickly become a leading player in the UK, processing billions of dollars through an existing client and partner portfolio with hundreds of businesses in the retail, financial services, and automotive sectors. Using Vyne technology, customers can move money in real-time, paying directly from their bank account in seconds, bypassing expensive and slow traditional methods. This integration will enable instant, bank account-linked payments, offering unparalleled service to businesses in the retail, automotive, and SME sectors.

As the region braces for the new financial regulations, Tarabut is poised to lead with its compliance-first approach and advanced technology offerings. Tarabut’s existing tech stack of data and compliance products coupled with Vyne’s payment expertise opens new doors for seamless, cardless, account-to-account payment and streamlined operational processes, such as enhanced real-time reporting and reconciliation.

Abdulla Almoayed, CEO of Tarabut said: “We are excited to welcome Vyne into the Tarabut family. This acquisition is a pivotal step in our long-term growth strategy, allowing us to bring mature, tried and tested payment products to the region, and providing solutions for the everyday issues that merchants and consumers face when taking or making payments. With Vyne’s technology, we are well-positioned to capitalize on new opportunities for innovation, market penetration, and sustainable growth. This is a significant milestone in Tarabut’s mission to seamlessly connect financial ecosystems in the Middle East.”

Karl MacGregor, CEO and Co-Founder of Vyne, added: “The Middle East is experiencing exponential growth and transformation in the financial services sector, and as regulations catch up, our technology can simultaneously ensure compliance and convenience. Merchants and consumers want speedy, secure, and convenient customised payment experiences. Open banking solutions can deliver on this demand. We believe the future of payments is digital and they need to be frictionless, contactless, and fair. Becoming part of the Tarabut family allows us to bring our innovative payment solutions to one of the fastest-growing markets in the world.”

The acquisition not only strengthens Tarabut’s technological infrastructure but also extends its operational footprint to the UK, solidifying its position as a global leader in Open Banking. Existing customers will benefit from enhanced services, while new customers, will have access to best-in-class A2A payment solutions as the regulations roll out across the region.

Tarabut’s acquisition of Vyne is the latest in a series of key investments designed to maintain and expand on its market dominance in the MENA region. These moves include the company’s $32 million Series A investment announcement in May 2023, and recent partnership announcements with major banks across Bahrain, the Kingdom of Saudi Arabia, and the UAE.

About Tarabut

Tarabut is the MENA region’s first and largest regulated open banking platform, connecting a regional network of banks and fintechs through universal APIs. By offering tools that facilitate and distribute personalised financial services.

Tarabut enables financial institutions to build a new world of financial services in the MENA region. With offices in Bahrain, Saudi Arabia, UAE and the UK, Tarabut launched its API infrastructure in December 2019 and has already become a dedicated technology partner for the majority of leading banks in Bahrain and Saudi Arabia. In October 2020, Tarabut expanded its presence in the MENA region, opening offices in Abu Dhabi and Dubai.

In April 2022, Tarabut became the first open banking platform to secure AIS (account information services) and PIS (payment initiation services) Category 4 licenses from the Dubai Financial Services Authority (DFSA). In 2022, the Saudi Central Bank (SAMA) included Tarabut as one of the first participants in its Regulatory Sandbox.

In May 2023, Tarabut successfully completed a $32 million Series A fundraise, led by Pinnacle Capital and supported by Visa, Tiger Global, and Aljazira Capital.

For more information, please visit: www.tarabut.com

About Vyne

Vyne uses open banking to power account-to-account payments for online businesses, setting the course for the future of payments. Customers move money in real-time by paying directly from their bank account and payments are completed in seconds, bypassing expensive and slow traditional methods.

Founded by payments experts, Vyne’s innovative technology and solutions bring together decades of combined industry experience to ensure direct, secure, faster payments.

Vyne Technologies Ltd is authorized and regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution. Vyne. Payments perfected.

For more information, please visit: https://www.payvyne.com/

Contacts

tarabut@cw8-communications.com
Tarabut: https://www.tarabut.com/

First published on Tue, Sep 3, 2024

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