Spare, a growing company from Riyadh that builds open banking infrastructure, has raised $5 million in its pre-Series A funding round.
The investment was led by anb Seed Fund, which is part of Arab National Bank’s investment arm. Other investors included Vision Ventures, SEEDRA Ventures, 500 Global, Boubyan Ventures, MEVP, and several well-known individual investors.
Spare was founded in 2019 by Dalal AlRayes and Saurabh Shah. The company is building better financial connectivity across the MENA region. It is licensed by the Central Bank of Bahrain and follows regulations from several GCC central banks.
Spare offers a secure API platform that gives access to financial data and enables direct account-to-account payments. Its services include account aggregation, identity checks, risk assessment, and recurring payments. Leading companies like Tap Payments, Tamara, and Zid already use Spare to provide faster, safer and more user-friendly financial services.
Spare will use the new funding to grow its Open Banking platform, add more API integrations, speed up product development, and expand further across the GCC region.
The company already works with over 35 financial institutions and is becoming the core infrastructure for open finance in the region, offering advanced products quickly, efficiently, and with a strong focus.
Dalal AlRayes, Spare Co-founder and CEO, stated: “We’re 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, localised fintech infrastructure solutions across the region.
Omar Ardati of the 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 profound understanding of local market dynamics – makes them a standout company in the region’s fintech landscape.”
Open finance is growing quickly in the MENA region, and Spare is in a strong position to take the lead. In Saudi Arabia, the Saudi Central Bank (SAMA) has launched an Open Banking Lab and introduced new rules to create safe and connected financial systems. In the UAE, the Central Bank is also pushing ahead with its own Open Finance framework.
The MENA Open Finance market is expected to reach $10.16 billion by 2030. Spare is building the core infrastructure that will support this growth and power the region’s next decade of financial innovation.
Kais Alessa of Vision Ventures added, ‘Spare’s founders are building what the region truly needs – secure seamless financial connectivity that empowers businesses and drives meaningful progress. We’re proud to support their vision to unlock the full potential of open banking in MENA. Spare’s success is a testament to the power of focus, speed, and deep regional insight.”
Read more- uKnowva Secures $0.5M in Pre-Series A Funding to Expand AI-Powered HR Platform
