• Saudi open banking provider Spare raises USD 5M pre-Series A to expand platform, product development, and GCC market presence.
• Led by ANB Capital’s anb Seed Fund, the round included Vision Ventures, 500 Global, SEEDRA, Boubyan Ventures, and MEVP.
• Founded in 2019, Spare offers unified APIs for payments, account aggregation, identity verification, and risk assessment across the GCC.

Spare

Saudi’s Spare, an open banking infrastructure provider, raised USD 5 million in a pre-Series A funding round. The round was led by anb Seed Fund, the venture capital fund of ANB Capital. It also saw participation from Vision Ventures, SEEDRA Ventures, 500 Global, Boubyan Ventures, and Middle East Venture Partners (MEVP).

Founded in 2019  by Dalal AlRayes and Saurabh Shah, Spare is an open banking infrastructure company. It is licensed by the Central Bank of Bahrain and regulated by several GCC central banks. It provides a secure and unified API platform for financial data access and account-to-account payments. Furthermore, it enables capabilities such as account aggregation, identity verification, risk assessment, and single recurring payments.

Open Banking

Up next, with the new capital it aims to scale its Open Banking platform and API integrations. It also aims to accelerate product development, and drive expansion across the GCC. 

“This investment allows us to move faster, doubling down on product innovation, deepening our integrations with regional banks, and accelerating adoption of secure, localized fintech infrastructure solutions across the region,” said Dalal AlRayes, Spare Co-founder and CEO. 

MENA’s open finance sector is gaining momentum, with the market expected to reach USD 10.16 billion by 2030.Thus, Spare is seeking to lay the infrastructure foundation in the region’s next decade of financial innovation.

“Spare’s founders are building what the region truly needs – secure, seamless financial connectivity that empowers businesses and drives meaningful progress,” said Kais Alessa of Vision Ventures.