A Saudi open banking platform has swooped to acquire London FinTech Vyne.
Tarabut has moved for the real-time account-to-account payments platform for online businesses ahead of new MENA regulatory requirements.
The acquisition has been approved by both the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA).
It bolsters Tarabut’s ability to deliver faster, more accessible, and more interconnected financial services, both across the region and globally. It will begin in Bahrain, where the first customer is expected to go live by the end of the year, and expand 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.
It allows customers to move money in real-time, paying directly from their bank account in seconds, bypassing expensive and slow traditional methods.
“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,” said Karl MacGregor, CEO and co-founder of Vyne.
“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 also extends Tarabut’s operational footprint to the UK. The company raised a $32 million Series A investment in May 2023 and recently announced partnerships with major banks across Bahrain, the Kingdom of Saudi Arabia and the UAE.
Abdulla Almoayed, CEO of Tarabut, added: “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.”