Riyadh-based open banking infrastructure provider Spare has announced the successful closing of a $5 million pre-Series A funding round. The investment was led by anb Seed Fund, with significant participation from 500 MENA, Vision Ventures, SEEDRA Ventures, MEVP, and Boubyan Ventures.
Fueling Regional Expansion
The new capital will be strategically deployed to scale Spare’s open banking platform and deepen its API integrations with financial institutions across the region. The funding will also accelerate the development of new products and fuel the company’s expansion plans across the GCC, building on its growing network of over 35 financial institutions.
Powering MENA’s Financial Infrastructure
Spare provides a unified API platform for secure financial data access and direct account-to-account payments. Its technology enables key services such as account data aggregation, identity verification, risk assessment, and recurring payments. The company’s infrastructure is already trusted by leading regional players including Tap Payments, Tamara, and Zid, helping them deliver more secure and user-centric financial services. Co-founder and CEO Dalal Alrayes stated, “We’re building the financial rails for the next generation of businesses in MENA.”
Navigating Regional Regulation
The company has established a strong regulatory footprint to support its growth. Spare is licensed by the Central Bank of Bahrain, authorised under the Saudi Central Bank’s (SAMA) regulatory sandbox, currently piloting its services in Kuwait, and has received preliminary approval for an open finance license in the UAE. This multi-jurisdictional approach positions Spare to capitalize on the region’s rapidly advancing open finance frameworks.
About Spare
Founded in 2019 by Dalal Alrayes and Saurabh Shah, Spare is a fintech company pioneering open banking and financial connectivity across the MENA region. Its secure and unified API platform allows businesses to connect to their customers’ bank accounts to access data and initiate payments, fostering a new wave of financial innovation.
Source: Wamda
