Tarabut Acquires Vyne Payments Platform

Tarabut, the first and largest regulated open banking platform in the MENA region, has acquired London-based Vyne, a real-time account-to-account (A2A) payments platform for online businesses.

Tarabut’s acquisition of Vyne is the latest in a series of key investments designed to maintain and expand on its market dominance in the MENA region. These moves include the company’s $32 million Series A investment announcement in May 2023 and recent partnership announcements with major banks across Bahrain, the Kingdom of Saudi Arabia, and the UAE.

This strategic acquisition, which has been approved by both the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA), bolsters Tarabut’s ability to deliver faster, more accessible, and more interconnected financial services, both across the region and globally.

The deal closed officially last month, positioning Tarabut to lead the way as new regulations for Payment Initiation Services in Saudi Arabia and Open Finance in the UAE come into effect.

The integration of Vyne’s advanced technology into Tarabut’s operations will bring cutting-edge 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.

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.

Using Vyne technology, customers can move money in real-time, paying directly from their bank account in seconds, bypassing expensive and slow traditional methods. This integration will enable instant, bank account-linked payments, offering unparalleled service to businesses in the retail, automotive, and SME sectors.

As the region braces for the new financial regulations, Tarabut is poised to lead with its compliance-first approach and advanced technology offerings. Tarabut’s existing tech stack of data and compliance products coupled with Vyne’s payment expertise opens new doors for seamless, cardless, account-to-account payment and streamlined operational processes, such as enhanced real-time reporting and reconciliation.

Pivotal Step

Tarabut CEO Abdulla Almoayed said that this acquisition is a pivotal step in their long-term growth strategy, allowing them 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.

He said that with Vyne’s technology, they are well-positioned to capitalise 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.

VYNE CEO and Co-Founder Karl MacGregor said that the Middle East was experiencing exponential growth and transformation in the financial services sector, and as regulations catch up, their technology can simultaneously ensure compliance and convenience.

As merchants and consumers want speedy, secure, and convenient customised payment experiences, open banking solutions can deliver on this demand, he observed.

“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,” he said.

The acquisition not only strengthens Tarabut’s technological infrastructure but also extends its operational footprint to the UK, solidifying its position as a global leader in open banking. Existing customers will benefit from enhanced services, while new customers will have access to best-in-class A2A payment solutions as the regulations roll out across the region.