Tarabut, the largest regulated open banking platform in the MENA region, has officially acquired Vyne, a London-based real-time account-to-account (A2A) payments platform. The acquisition, which closed on August 1st, 2024, has been approved by both the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA). This strategic move is aimed at enhancing Tarabut’s financial services across the MENA region and internationally.
We’ve acquired Vyne, a UK-based leader in open banking payments!
This move enhances our ability to bring seamless account-to-account payment solutions to the region, just as the PIS framework by SAMA and new UAE initiatives are taking shape. Exciting times ahead!🚀 pic.twitter.com/XkM5sT8gV6
The integration of Vyne’s technology into Tarabut’s infrastructure will introduce advanced A2A payment capabilities to the Middle East. Initial operations will commence in Bahrain, with the first customer expected to be operational by the end of the year. Following this, services will expand to Saudi Arabia and the UAE as Open Banking regulations continue to evolve.
Abdulla Almoayed, Founder and CEO of Tarabut, highlighted the significance of the acquisition: “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 capitalize on new opportunities for innovation, market penetration, and sustainable growth.”
Enhanced Technological Infrastructure
Vyne, which was established in 2019, has quickly become a significant player in the UK payments sector, processing billions of dollars through its extensive network of clients and partners. Its technology facilitates real-time, bank account-linked payments, offering a faster and more cost-effective alternative to traditional methods. This acquisition not only strengthens Tarabut’s technological capabilities but also extends its operational reach to the UK.
Karl MacGregor, CEO and Co-Founder of Vyne expressed enthusiasm about the merger: “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. 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.”
Regulatory Alignment and Market Impact
The acquisition comes at a time when new financial regulations are being introduced in the region. The latest release under SAMA’s Open Banking Framework focuses on Payment Initiation Services (PIS), while the UAE is progressively implementing Open Finance. Tarabut’s move to integrate Vyne’s solutions aligns with these regulatory changes and positions the company to effectively meet the demand for faster, secure, and seamless payment solutions.
Conclusion
Tarabut’s acquisition of Vyne marks a significant milestone in its expansion strategy, enhancing its ability to offer advanced A2A payment solutions across the MENA region. By integrating Vyne’s cutting-edge technology, Tarabut aims to lead the market in delivering innovative, efficient, and compliant financial services as regulatory landscapes evolve.
