Bahrain-based open banking platform Tarabut Gateway has closed a seed funding round of $13 million, hailed to be the largest fintech seed round in the Middle East and North Africa (Mena) to date.

The round was led by Target Global with participation from Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

Founded in 2017, Tarabut Gateway allows third-party financial services providers to securely access financial data and develop new apps and services through an open banking Application Programming Interface (API), in order to facilitate the distribution of personalised financial services between partner banks and financial technology companies (fintechs).

The company, which has offices in Abu Dhabi, Dubai, London and Manama, will use the funding to develop its product offerings, support its regional expansion plans and scale its team, as it eyes hiring 40 additional team members across Mena by the end of 2021.

“The open banking industry is a catalyst for transforming the way banks and fintechs in the region interact with one another. With regional regulators quickly adopting it in their strategies, Tarabut Gateway provides the infrastructure which enables enhanced collaborations between financial institutions and an increasingly agile and flourishing regional fintech sector. Through diligent regulation, this is a once-in-a-lifetime moment for Mena to gain a leading position in the global fintech arena. Something that we are very proud to be playing a part of,” said Abdulla Almoayed, CEO and founder of Tarabut Gateway.