Tarabut, the MENA region’s largest regulated open banking platform, has announced the acquisition of London-based Vyne, a real-time account-to-account (A2A) payments platform for online businesses. Approved by both the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA), this strategic acquisition enhances Tarabut’s ability to offer faster, more accessible, and interconnected financial services in the region and beyond.
The acquisition, finalized on August 1st, positions Tarabut to lead as new Payment Initiation Services regulations in Saudi Arabia and Open Finance regulations in the UAE come into play. Vyne’s advanced technology will now be integrated into Tarabut’s operations, starting with Bahrain, where the first customer is expected to go live by the end of the year. Expansion into Saudi Arabia and the UAE will follow as regulations evolve.
Founded in 2019, Vyne quickly became a prominent player in the UK payments market, processing billions of dollars for businesses in the retail, financial services, and automotive sectors. Vyne’s technology allows customers to make real-time payments directly from their bank accounts, bypassing traditional methods and reducing costs. This integration will enable instant payments linked to bank accounts for businesses in the retail, automotive, and SME sectors across the MENA region.
As the Middle East prepares for new financial regulations, Tarabut is positioned to lead the way with its compliance-first approach and cutting-edge technology. By combining its robust data and compliance products with Vyne’s payment solutions, Tarabut can offer cardless, account-to-account payments and streamline operations with real-time reporting and reconciliation.
Abdulla Almoayed, CEO of Tarabut, said, “Welcoming Vyne into the Tarabut family is a pivotal step in our growth strategy. Vyne’s mature and tested payment products will help us solve the everyday challenges that merchants and consumers face with payments. This acquisition positions us to seize new opportunities for innovation, market expansion, and sustainable growth, reinforcing our mission to seamlessly connect financial ecosystems in the Middle East.”
Karl MacGregor, CEO and Co-Founder of Vyne, added, “As the Middle East undergoes significant financial growth and transformation, our technology is primed to support compliance and convenience. By joining Tarabut, we can bring our innovative payment solutions to one of the fastest-growing markets globally, providing frictionless, contactless, and digital payment experiences.”
The acquisition not only strengthens Tarabut’s technological capabilities but also extends its operational reach to the UK, establishing the company as a global leader in open banking. Both existing and new customers will benefit from the enhanced A2A payment services as the new regulations roll out across the region.
This acquisition is part of a series of strategic investments by Tarabut to cement its market leadership in the MENA region, including a $32 million Series A investment in May 2023 and new partnerships with major banks in Bahrain, Saudi Arabia, and the UAE.
