News
Crypto Trading Platform Rain Gets Faster, Direct Payments
The partnership with Tarabut Gateway is the first “directly integrated” open banking API in the MENA crypto sector.
Tarabut Gateway, the largest open banking platform in the MENA region, has announced a new partnership with Rain, the region’s first fully-regulated crypto assets trading platform.
Rain is licensed by the Central Bank of Bahrain as a crypto broker and offers users a safe, secure space to buy and sell crypto and store their assets. Meanwhile, Tarabut Gateway provides connectivity for payments between banks and fintech, offering a smooth, fast payment process for end users.
The partnership is the first of its kind in the MENA region. It will help to bring about faster, lower-cost fiat-to-crypto transfers to end-users in Bahrain, enabling direct payments from bank accounts without the need to leave Rain’s platform.
“We’re delighted to unveil a solution to make fiat-to-crypto transfers quicker, more secure, and cost-effective. Our partnership with Rain is a perfect cross-sector synergy, made possible by Bahrain’s advanced open banking ecosystem,” says Abdulla Almoayed, Founder and CEO of Tarabut Gateway.
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The new payment method utilizes Tarabut Gateway’s open banking solution to facilitate fiat-crypto-fiat transfers, reducing errors and unlocking significantly increased transfer speeds compared to traditional bank services. The upgrade is part of Rain’s strategy to provide users with a premium, seamless crypto wallet experience.
“Through quick and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements,” says Joseph Dallago, Chief Executive Officer of Rain.
The partnership comes as MENA’s crypto sector expands at a breakneck pace. According to Chainalysis, the region is the world’s fastest-growing crypto market, with trading volumes climbing nearly 50% in the year to June 2022.
News
Rabbit Expands Hyperlocal Delivery Service In Saudi Arabia
The e-commerce startup is aiming to tap into the Kingdom’s underdeveloped e-grocery sector with a tech-first, locally rooted strategy.
Rabbit, an Egyptian-born hyperlocal e-commerce startup, is expanding into the Saudi Arabian market, setting its sights on delivering 20 million items across major cities by 2026.
The company, founded in 2021, is already operational in the Kingdom, with its regional headquarters now open in Riyadh and an established network of strategically located fulfillment centers — commonly known as “dark stores” — across the capital.
The timing is strategic: Saudi Arabia’s online grocery transactions currently sit at 1.3%, notably behind the UAE (5.3%) and the United States (4.8%). With the Kingdom’s food and grocery market estimated at $60 billion, even a modest increase in online adoption could create a multi-billion-dollar opportunity.
Rabbit also sees a clear alignment between its business goals and Saudi Arabia’s Vision 2030, which aims to boost retail sector innovation, support small and medium-sized enterprises, attract foreign investment, and develop a robust digital economy.
The company’s e-commerce model is based on speed and efficiency. Delivery of anything from groceries and snacks to cosmetics and household staples is promised in 20 minutes or less, facilitated by a tightly optimized logistics system — a crucial component in a sector where profit margins and delivery expectations are razor-thin.
Despite the challenges, Rabbit has already found its stride in Egypt. In just over three years, the app has been used by 1.4 million customers to deliver more than 40 million items. Revenue has surged, growing more than eightfold in the past two years alone.
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CEO and Co-Founder Ahmad Yousry commented: “We are delighted to announce Rabbit’s expansion into the Kingdom. We pride ourselves on being a hyperlocal company, bringing our bleeding-edge tech and experience to transform the grocery shopping experience for Saudi households, and delivering the best products – especially local favorites, in just 20 minutes”.
The company’s growth strategy avoids the pitfalls of over-reliance on aggressive discounting. Instead, Rabbit leans on operational efficiency, customer retention, and smart scaling. The approach is paying off, having already attracted major investment from the likes of Lorax Capital Partners, Global Ventures, Raed Ventures, and Beltone Venture Capital, alongside earlier investors such as Global Founders Capital, Goodwater Capital, and Hub71.
Rabbit Expands Hyperlocal Delivery Service In Saudi Arabia
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