Tarabut, the MENA region’s leading open banking platform, has acquired London-based Vyne, a real-time account-to-account (A2A) payments platform for online businesses. This strategic acquisition, approved by both the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA), positions Tarabut to enhance its financial services across the Middle East and globally, especially as new regulations for Payment Initiation Services in Saudi Arabia and Open Finance in the UAE come into effect.
Officially closed on August 1st, the deal allows Tarabut to integrate Vyne’s advanced A2A payment technology into its existing operations, starting in Bahrain with plans to expand to Saudi Arabia and the UAE. Vyne, founded in 2019, has rapidly grown in the UK, processing billions of dollars for clients in sectors such as retail, financial services, and automotive. The acquisition will bring Vyne’s instant, bank account-linked payment capabilities to the Middle East, offering faster, more secure payment options for businesses in the region.
Tarabut’s CEO, Abdulla Almoayed, emphasized the significance of the acquisition in the company’s growth strategy, noting that it allows Tarabut to offer mature, tested payment products to the MENA region. Vyne’s CEO and Co-Founder, Karl MacGregor, highlighted the alignment of their technology with the rapid growth and regulatory evolution in the Middle East’s financial sector, ensuring compliance and convenience in digital payments.
This acquisition also extends Tarabut’s operational footprint to the UK, reinforcing its global leadership in open banking. It follows a series of strategic moves, including a $32 million Series A funding round in May 2023 and partnerships with major banks across Bahrain, Saudi Arabia, and the UAE. The integration of Vyne’s technology is expected to provide enhanced services to existing customers and introduce best-in-class A2A payment solutions as the regulatory landscape evolves across the region.
Vyne story
Vyne, a London-based fintech company, was founded in 2019 by Karl MacGregor and Damien Cahill. The company was created to address the inefficiencies and high costs associated with traditional payment methods. Vyne focuses on providing real-time account-to-account (A2A) payments for online businesses, offering an alternative to card-based transactions.
The founders recognized the growing demand for faster, more secure, and cost-effective payment solutions, especially in sectors like retail, financial services, and automotive. Vyne’s technology allows customers to make payments directly from their bank accounts in seconds, bypassing the need for intermediaries like card networks, which can be slow and expensive. This focus on speed, security, and convenience helped Vyne quickly gain traction in the UK market.
Since its inception, Vyne has processed billions of dollars in transactions and built a robust portfolio of clients across various industries. The company’s growth and innovative approach to payments caught the attention of major players in the financial technology sector, leading to its acquisition by Tarabut in 2024.
