Tarabut, the MENA region’s open banking platform, has announced its acquisition of Vyne, a London-based real-time account-to-account (A2A) payments platform tailored for online businesses. This strategic move, endorsed by the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA), strengthens Tarabut’s capacity to offer faster, more accessible, and interconnected financial services both within the region and internationally.
The acquisition was finalized on August 1st, positioning Tarabut as a frontrunner as new regulations for Payment Initiation Services in Saudi Arabia and Open Finance in the UAE are introduced. By integrating Vyne’s cutting-edge technology, Tarabut aims to bring state-of-the-art A2A payment solutions to the Middle East, starting in Bahrain, where the first customer is expected to launch by the end of the year, and later expanding to Saudi Arabia and the UAE as Open Banking regulations progress.
Abdulla Almoayed, CEO of Tarabut, commented: “We are thrilled to welcome Vyne into the Tarabut family. This acquisition marks a significant milestone in our growth strategy, enabling us to bring proven, reliable payment solutions to the region, addressing the everyday challenges merchants and consumers face with payment transactions. With Vyne’s technology, we are well-equipped to seize new opportunities for innovation, market expansion, and sustainable growth. This acquisition is a crucial step in our mission to seamlessly connect financial ecosystems in the Middle East.”
Karl MacGregor, CEO and Co-Founder of Vyne, added: “The Middle East is undergoing rapid growth and transformation in the financial services sector, and as regulations evolve, our technology can ensure both compliance and convenience. Merchants and consumers alike are seeking fast, secure, and customizable payment experiences. Open banking solutions are key to meeting this demand. We believe the future of payments is digital, frictionless, contactless, and fair. Joining the Tarabut family allows us to bring our innovative payment solutions to one of the world’s fastest-growing markets.”
