Riyadh - Mubasher: Saudi fintech Spare has secured $5 million in a pre-Series A round led by anb Seed Fund, with participation from 500 MENA, Vision Ventures, SEEDRA Ventures, MEVP, Boubyan Ventures, and others.
The new funding will be used to scale Spare’s open banking platform, expand API integrations, and accelerate growth across the GCC region, according to a press release.
Founded in 2019 by Dalal AlRayes and Saurabh Shah, Spare provides a secure and unified API platform for financial data access and account-to-account payments.
The startup is licensed by the Central Bank of Bahrain and regulated by several GCC central banks. It is currently partnering with more than 35 financial institutions and aims to strengthen its position as a backbone of open finance in the region.
Omar Ardati of anb seed Fund commented: “Spare is setting a new standard for financial infrastructure in MENA. Their commitment to speed, simplicity, and security, combined with a deep understanding of local market dynamics - makes them a standout company in the region’s fintech landscape.”
Dalal Al Rayes, Spare’s Co-Founder and CEO, stated: "We are building the financial rails for the next generation of businesses in MENA. 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."
It is worth highlighting that the MENA Open Finance market is expected to reach $10.16 billion by 2030.
