Latest Bet on Open Banking With Mideast Deal

Tiger Global Management led a fundraising round for Middle East fintech firm Tarabut Gateway, adding to its series of deals involving open-banking startups around the world in the past few months.

Entrée Capital participated in the round.

Tarabut is the largest regulated open banking platform in the Middle East and North Africa, according to its website. It serves as a portal for fintech startups looking to get access to data from banks to build new services.

As part of a rare investment in the region for the New York-based firm, Tarabut has raised $12 million from backers that also include the Dubai International Fintech Fund, the investment vehicle of the emirate’s financial center, according to a statement on Tuesday.