Funding round to scale open banking platform, enhance API integrations, and strengthen regional footprint
Riyadh, Saudi Arabia – Saudi fintech Spare has raised $5 million in a pre-Series A funding round led by anb Seed Fund, with participation from 500 MENA, Vision Ventures, SEEDRA Ventures, MEVP, Boubyan Ventures, and other investors.
The fresh capital will be used to scale Spare’s open banking platform, expand API integrations, and accelerate growth across the Gulf Cooperation Council (GCC).
Founded in 2019 by Dalal AlRayes and Saurabh Shah, Spare provides a secure, unified API platform for financial data access and account-to-account (A2A) payments. The fintech is licensed by the Central Bank of Bahrain and regulated by several GCC central banks, currently collaborating with over 35 financial institutions.
The company aims to establish itself as a backbone of open finance in the region, enabling banks, fintechs, and businesses to leverage seamless and secure financial infrastructure.
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 AlRayes, Co-Founder and CEO of Spare, added:
“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.”
According to industry reports, the MENA open finance market is projected to reach $10.16 billion by 2030, highlighting the growing demand for advanced financial infrastructure across the region.
