Tarabut raises $50m to improve Personal Finance services in Saudi Arabia

Tarabut has raised $50 million in new funding from leading Saudi banks and business groups.

The company plans to use the money to grow its finance technology in Saudi Arabia. The new funding will support services that can make it easier for people and businesses to get financial help when they need it.

The funding round includes Riyad Bank, the X-Tech Fund managed by SAB Invest, GIB Saudi Arabia, Zamil Group and Kanoo Ventures.

Tarabut is also focused on small and medium-sized businesses. Many of these businesses can wait weeks to get money from lenders.

Tarabut uses live financial data to help banks understand a business better. This can help lenders make faster decisions about finance.

The company also works with data from consumers. This can help banks learn more about people who may be hard to assess using older credit checks.

Tarabut says it has processed more than 5 billion API calls across Saudi Arabia, the UAE and Bahrain.

The company now plans to focus more on Saudi Arabia. It sees the country as a key market for its embedded finance services.

Tarabut says its work can also support wider access to finance under Saudi Vision 2030 and the Financial Sector Development Program.

The new funding will help Tarabut expand its services and build more finance tools for banks, businesses and consumers in Saudi Arabia.