UAE– Mubasher: Tarabut has acquired London-based Vyne, a real-time account-to-account (A2A) payments platform for online businesses, according to a press release.
The transaction, which was approved by the Saudi Central Bank (SAMA) and the UK's Financial Conduct Authority (FCA), reinforces Tarabut’s ability to deliver more accessible and interconnected financial services regionally and globally.
Meanwhile, the acquisition will boost the UAE-based company’s technological infrastructure and expand its operational footprint to the UK, solidifying its position as a global leader in open banking.
The integration of Vyne’s technology into Tarabut’s operations will bring advanced A2A payment capabilities to the Middle East, starting with Bahrain, where the first customer is expected to go live by the end of the year, and expanding to Saudi Arabia and the UAE as Open Banking regulations evolve.
Abdulla Almoayed, CEO of Tarabut, said: “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.”
Karl MacGregor, CEO and Co-Founder of Vyne, added: “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 series of key investments to bolster its market dominance in the MENA region. These moves include the company’s $32 million Series A investment secured in May 2023, and partnership announcements with major banks across Saudi Arabia, Bahrain and the UAE.
In an interview with Mubasher.info, the CEO of Tarabut addressed how the ecosystem in the MENA region, particularly Saudi Arabia, played a vital role in driving their growth.
