After receiving clearance from the Financial Conduct Authority (FCA) in the UK and the Saudi Central Bank (SAMA), the transaction was finalized on August 1.

The Vyne platform will soon be included into Tarabut's current data and compliance product stack.

"A2A payment capabilities to the Middle East," according to Tarabut, will be possible with this move. A Bahraini go-live is anticipated "by the end of the year."

Subsequent rollouts are planned in Saudi Arabia and the United Arab Emirates, where new laws pertaining to open finance and payment initiation services are set to take effect.

"This acquisition is a critical step in our long-term growth strategy, enabling us to introduce established, tried-and-true payment products to the region and offering solutions for the common problems that retailers and customers encounter when accepting or processing payments," says Abdulla Almoayed, CEO of Tarabut.

"We are in a strong position to take advantage of new opportunities for innovation, market penetration, and sustainable growth with Vyne's technology."

In an effort to foster innovation in financial services, Tarabut's open banking platform links banks and fintechs across the MENA region via common APIs, facilitating data sharing and payment initiation across organizations.

Since its 2019 founding, the firm has served the National Bank of Bahrain (NBB), the cryptocurrency platform Rain, and the digital lending platform Flooss.

Tarabut raised $32 million in a Series A fundraising round in May of last year, with participation from Visa, Tiger Global, and Aljazira Capital, managed by Pinnacle Capital.