- Open banking services provider Spare closes a $3 million funding round with Vision Ventures as the lead investor.
- Other participants in the funding round include Wa’ed Ventures, Seedra Ventures, global investment firm 500 Global, and notable angel investors.
- Spare, founded by Dalal Alrayes and Saurabh Shah, delivers cutting-edge open banking solutions in Saudi Arabia, Kuwait, and Bahrain, with a focus on businesses.
Open banking services provider Spare has closed a $3 million funding round, with Vision Ventures leading the investment, the company announced in a statement.
Other participants in the round include Wa’ed Ventures, Seedra Ventures, global investment firm 500 Global, and notable angel investors.
Spare, founded by Dalal Alrayes and Saurabh Shah, operates in Saudi Arabia, Kuwait, and Bahrain, focusing on delivering cutting-edge open banking solutions for businesses.
This funding will be used primarily for talent acquisition, marketing, and operations in Saudi Arabia.
Spare’s success and the potential for open banking in the Middle East are evident in the evolving regulatory landscape, the rise of fintechs, and the region’s digital transformation.
The global open banking market is expected to reach over $43 billion by 2026, with a CAGR of 24.4%.
“Open banking isn’t just about technological advancement; it’s about creating a secure, accessible, and collaborative financial ecosystem,” said Dalal Alrayes, co-founder and CEO of Spare.
With plans to expand its offerings and footprint, Spare aims to be a key player in transforming the fintech landscape in the MENA region.
The majority of the funds raised will be used for talent acquisition, marketing, and operations in Saudi Arabia (KSA).
Saurabh Shah, co-founder and COO of Spare, emphasized the company’s belief in the effectiveness of a lean team to efficiently execute their ambitions.
With this funding round, Spare can further develop their capabilities and advance the open banking agenda in the region.
Hasan Zainal, a founding investor, expressed his confidence in the leadership and vision of Dalal and Saurabh, stating that Spare will play a significant role in transforming the fintech landscape in the MENA region.
Spare provides services to various innovative businesses in KSA, including traditional lenders, Buy Now Pay Later Fintechs, and EFMs.
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