Saudi open banking platform, Tarabut, has acquired Vyne, a London-based FinTech company that provides real-time account-to-account payment solutions for online businesses. This was done in anticipation of new regulatory requirements in the MENA region and has been approved by both the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA). The acquisition will enable Tarabut to deliver financial services that are faster, more accessible, and more interconnected both regionally and globally, starting in Bahrain where the first customer is expected to go live by year end, and expanding to Saudi Arabia and the UAE as open banking regulations evolve. Vyne is known for processing billions of dollars through an existing client and partner portfolio in the UK, including businesses in the retail, financial services, and automotive sectors. The acquisition also extends Tarabut’s operational footprint to the UK, and comes after it raised a $32 million Series A investment in May and announced partnerships with major banks across Bahrain, the Kingdom of Saudi Arabia, and the UAE.
Karl MacGregor, CEO, and co-founder of Vyne, expressed his confidence in the Middle East’s exponential growth and transformation in the financial services sector, saying that their technology ensures compliance and convenience simultaneously as regulations are put in place. He further emphasized the importance of fast, secure, and convenient customised payment experiences, which open-banking solutions can provide. The acquisition of Vyne by Tarabut places them in a position to bring innovative payment solutions to the fast-growing market in the Middle East.
Abdulla Almoayed, CEO of Tarabut, considers the acquisition a pivotal step in the company’s long-term growth strategy, enabling them to bring mature, tried, and tested payment products to the region and provide solutions to the everyday issues that merchants and consumers face when making payments. Through Vyne’s technology, Tarabut is well-positioned to grab new opportunities for innovation, market penetration, and growth, thereby seamlessly connecting financial ecosystems in the Middle East.
Overall, the acquisition is expected to help Tarabut succeed in delivering seamless, fast, secure, and innovative payments solutions to merchants and consumers alike.
