Tiger Global, Visa, Aljazira Capital, and other notable investors also took part in the funding round, which was led by Pinnacle Capital, according to a statement issued by the Dubai-based fintech firm.

“Open banking is reshaping the financial landscape in Saudi Arabia and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraising reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in the Kingdom and globally,” Abdulla Almoayed, founder and CEO of Tarabut Gateway, said.

Open banking enables third-party developers to link applications and services to financial institutions by creating data transparency.

Pinnacle Capital, the lead investor, focuses on investments in Saudi Arabia and has helped Jahez, the first unicorn tech startup in the Kingdom, go public.

According to Almoayed, the goal of his fintech firm is to develop an open financial services industry that offers open banking benefits to consumers, banks, and fintech firms in the Middle East and North Africa.

The money raised from this fundraiser will enable the company to carry out its plan and help the Kingdom realize its ambitious Vision 2030 goals, he added.

Tarabut Gateway is also one of the initial participants in the Saudi Central Bank’s Regulatory Sandbox, a crucial part of the rollout of the open banking framework.

Andrew Torre, regional president of Visa for Central Europe, Middle East and Africa, said: “Next-generation digital experiences and innovation are driving the future of financial services, and open banking is a growing movement that can help consumers better access and manage finances.”