A real-time account-to-account (A2A) payments platform for online businesses, Vyne is based in London, and Tarabut, the first and largest regulated open banking platform in the MENA region, announced today that it has acquired Vyne. Tarabut’s capacity to provide quicker, easier-to-access, and more integrated financial services locally and internationally is strengthened by this strategic acquisition, which has received approval from the Financial Conduct Authority (FCA) of the UK as well as the Saudi Central Bank (SAMA).
On August 1, the deal officially closed, putting Tarabut in a leadership position as new laws governing Open Finance in the United Arab Emirates and Payment Initiation Services in Saudi Arabia go into force. With the help of Vyne’s cutting-edge technology, Tarabut will be able to offer state-of-the-art A2A payment capabilities to customers in the Middle East. This will begin with Bahrain, where the first customer is anticipated to go live by year’s end, and spread to Saudi Arabia and the United Arab Emirates as Open Banking regulations develop.
After its founding in 2019, Vyne has emerged as a major force in the UK, handling billions of dollars for hundreds of companies in the retail, financial services, and automotive industries through its portfolio of clients and partners. With Vyne technology, users can transfer funds instantly and make payments straight from their bank account, doing away with cumbersome and time-consuming traditional methods. Businesses in the retail, automotive, and SME sectors will benefit from this integration’s unmatched service as it will allow for instantaneous payments linked to bank accounts.
Tarabut is positioned to take the lead with its compliance-first strategy and cutting-edge technology offerings as the region gets ready for the new financial regulations. When combined with Vyne’s payment experience, Tarabut’s current data and compliance product stack opens up new possibilities for cardless, seamless account-to-account payments as well as optimized operational procedures like improved real-time reporting and reconciliation.
Abdulla Almoayed, CEO of Tarabut, said, “We are excited to welcome Vyne into the Tarabut family. 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. With Vyne’s technology, we 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.”
Karl MacGregor, CEO and Co-Founder of Vyne, added: “The Middle East is experiencing exponential growth and transformation in the financial services sector, and as regulations catch up, our technology can simultaneously ensure compliance and convenience. Merchants and consumers want speedy, secure, and convenient customised payment experiences. Open banking solutions can deliver on this demand. 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.”
The acquisition solidifies Tarabut’s position as a global leader in open banking by expanding its operational reach into the UK and fortifying its technological infrastructure. As the laws are implemented throughout the region, current clients will gain from improved services, and prospective clients will have access to best-in-class A2A payment options.
The most recent of Tarabut’s major investments aimed at preserving and growing its market dominance in the MENA area is the company’s acquisition of Vyne. The company recently announced partnerships with major banks in Bahrain, the Kingdom of Saudi Arabia, and the United Arab Emirates, in addition to its $32 million Series A investment announcement from May 2023.
