London-based start-up Vyne, a real-time account-to-account (A2A) payments platform for online businesses, has been acquired by Middle Eastern open banking firm Tarabut for an undisclosed sum.
The integration of Vyne’s technology into Tarabut’s operations will bring A2A payment capabilities to the Middle East, starting with Bahrain, where the first customer is expected to launch by the end of the year. This will later expand to Saudi Arabia and the UAE as Open Banking regulations develop.
Abdulla Almoayed, CEO of Tarabut, stated, “This acquisition is a pivotal step in our long-term growth strategy, allowing us to offer mature, proven payment products in the region and address the everyday challenges that merchants and consumers face when conducting transactions. With Vyne’s technology, we are well-positioned to seize new opportunities for innovation, market penetration, and sustainable growth.”
The acquisition not only enhances Tarabut’s technological capabilities but also extends its operational reach to the UK.
Karl MacGregor, CEO and co-founder of Vyne, commented on the acquisition, saying, “We believe the future of payments is digital and needs to be frictionless, contactless, and fair. Joining the Tarabut family enables us to introduce our innovative payment solutions to one of the fastest-growing markets in the world.”