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Hammad & Al-Mehdar Advises on Financing of MENA’s Largest Regulated Open Banking Platform

A cross-discipline Hammad & Al-Mehdar team advised Tarabut Gateway on its $13 million series seed financing, led by Berlin-based venture capital firm Target Global, and joined by Kingsway Capital, Entrée Capital and regional investors: Al-Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

The round is the largest fintech seed round in MENA, and a promising 2021 start for the ecosystem and the fintech industry.

Tarabut Gateway is MENA’s largest regulated open banking platform, licensed by the Central Bank of Bahrain. The platform enables the collaboration between financial institutions by accessing financial data of the partner bank’s customers and allowing them to build new apps and services. Currently, Tarabut has offices in UAE, London, Manama, and is planning to expand regionally.

The HMCo team was led by partner Abdulrahman Hammad, and included Samy Elsheikh, Tarek Bilani, and Layla Tatwany.

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