Tarabut buys A2A payments platform Vyne
Middle Eastern open banking platform Tarabut has acquired UK fintech Vyne, a real-time account-to-account (A2A) payments platform for online businesses, for an undisclosed sum.
Tarabut acquires UK’s Vyne for undisclosed sum
The acquisition was completed on 1 August following the approval of the Saudi Central Bank (SAMA) and the Financial Conduct Authority (FCA) in the UK.
The Vyne platform is now set to be integrated into Tarabut’s existing tech stack of data and compliance products.
Tarabut says the move will enable it to bring “A2A payment capabilities to the Middle East”, with a go-live in Bahrain expected “by the end of the year”.
This will be followed by further rollouts in Saudi Arabia and the UAE, where new regulations for payment initiation services and open finance are coming into effect respectively.
“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,” comments Tarabut CEO Abdulla Almoayed.
“With Vyne’s technology, we are well-positioned to capitalise on new opportunities for innovation, market penetration, and sustainable growth.”
Tarabut’s open banking platform connects banks and fintechs throughout the MENA region via universal APIs, enabling data sharing and payment initiation between entities in an effort to promote innovation in financial services.
Launched in 2019, the company currently counts digital lending platform Flooss, crypto platform Rain, and the National Bank of Bahrain (NBB) among its clientele.
In May last year, Tarabut secured $32 million in a Series A funding round led by Pinnacle Capital and supported by Visa, Tiger Global and Aljazira Capital.
