Tarabut, the first and largest regulated open banking platform in MENA, acquired London-based Vyne, a real-time A2A payments platform for internet enterprises. This strategic purchase, sanctioned by the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA), strengthens Tarabut’s capabilities to provide speedier, more accessible, and more linked financial services regionally and globally.
Tarabut will lead how Saudi Arabia and the UAE implement new Payment Initiation Services and Open Finance legislation after the acquisition finalized on August 1. Tarabut will integrate Vyne’s advanced technology to offer cutting-edge A2A payment capabilities to the Middle East, starting in Bahrain with the first customer by the end of the year and expanding to Saudi Arabia and the UAE as Open Banking regulations evolve.
Vyne, founded in 2019, has swiftly become a UK leader, processing billions of dollars with hundreds of retail, financial services, and automotive clients and partners. Vyne lets clients pay straight from their bank account in seconds, eliminating expensive and slow traditional ways. This integration would enable immediate, bank account-linked payments, providing unmatched service to retail, automotive, and SME industries.
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Tarabut will lead with its compliance-first strategy and advanced technology as the region prepares for new banking rules. Together, Tarabut’s data and compliance tools and Vyne’s payment capabilities enable cardless, account-to-account payment and improved operational operations including real-time reporting and reconciliation.
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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 capitalise 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.”
The acquisition boosts Tarabut’s technological infrastructure and expands its UK operations, cementing its global open banking leadership. As regional regulations roll out, existing customers will receive improved services and new customers will have access to best-in-class A2A payment solutions.
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.”
Tarabut’s acquisition of Vyne is the latest in a string of important investments to retain and enhance its MENA market dominance. The company’s $32 million Series A investment in May 2023 and recent partnerships with major institutions in Bahrain, Saudi Arabia, and the UAE are examples.
About Tarabut
Tarabut is the major MENA open banking platform in Saudi Arabia, Bahrain, and the UAE. Through innovation, collaboration, and accessibility and ease, they are changing finance.
About Vyne
Vyne eliminates middlemen and improves consumer experience with fast account-to-account bank payments. Pay faster, safer, easier.
