Tiger Global Makes Latest Bet on Open Banking With Mideast Deal

New York investment firm leads funding round for Tarabut
Fintech firm plans to expand into Saudi Arabia, North Africa

Inside The Offices Of Fintech Group AG As German Financial Technology Industry Grows — Photographer: Krisztian Bocsi/Bloomberg

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By Abeer Abu Omar and Matthew Martin

November 2, 2021 at 5:00 AM UTC

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Tiger Global Management led a fundraising round for Middle East fintech firm Tarabut Gateway, adding to its series of deals involving open-banking startups around the world in the past few months.

As part of a rare investment in the region for the New York-based firm, Tarabut has raised $12 million from backers that also include the Dubai International Fintech Fund, the investment vehicle of the emirate’s financial center, according to a statement on Tuesday.