Spare, a Riyadh-based open banking infrastructure company, has raised $5 million in a pre-Series A round. The funding was led by anb Seed Fund, the venture arm of ANB Capital, with participation from Vision Ventures, SEEDRA Ventures, 500 Global, Boubyan Ventures, Middle East Venture Partners (MEVP), and several notable investors.
Building the Backbone of Open Finance
Founded in 2019 by Dalal AlRayes and Saurabh Shah, Spare is creating the financial rails for the next wave of businesses in the Middle East and North Africa.
The company is licensed by the Central Bank of Bahrain and regulated by several GCC central banks. Its secure, unified API platform enables:
- Account aggregation
- Identity verification
- Risk assessment
- Account-to-account and recurring payments
Leading regional fintechs such as Tap Payments, Tamara, and Zid already rely on Spare’s infrastructure to deliver secure and user-focused financial services.
Scaling with New Capital
The $5 million investment will allow Spare to:
- Expand its Open Banking platform and API integrations
- Accelerate product development
- Strengthen partnerships with regional banks
- Drive adoption of secure fintech infrastructure across the GCC
Spare already works with over 35 financial institutions and is becoming the trusted infrastructure layer for open finance in the region.
Voices from the Ecosystem
- Dalal AlRayes, Co-founder and CEO, Spare:
“We’re building the financial rails for the next generation of businesses in MENA. This funding allows us to innovate faster, deepen bank integrations, and accelerate adoption of secure and localized infrastructure.” - Omar Ardati, anb Seed Fund:
“Spare is setting a new benchmark for financial infrastructure in MENA. Their focus on speed, simplicity, and security makes them stand out in the region’s fintech space.” - Kais Alessa, Vision Ventures:
“Spare’s founders are solving a real need. Secure, seamless financial connectivity is key to unlocking MENA’s fintech potential, and Spare is leading that charge.”
Positioned for Regional Growth
Momentum for open finance in the MENA region is growing rapidly:
- Saudi Arabia: The Saudi Central Bank (SAMA) has launched an Open Banking Lab and a phased regulatory framework.
- UAE: The Central Bank is advancing its Open Finance framework to enable real-time, data-driven services.
- Market outlook: MENA’s open finance market is projected to reach $10.16 billion by 2030.
Spare is positioning itself at the center of this transformation, laying the foundation for secure, interoperable connectivity across the region’s digital economy.
Outlook on Spare
Spare provides a single, secure API that connects businesses and fintechs to financial institutions across MENA. Its solutions are fully compliant with local regulations, making it a trusted partner for enterprises, SMEs, and startups. The company operates in Saudi Arabia, Bahrain, UAE, and Kuwait.