Riyadh, Saudi Arabia – September 16, 2025:
«Spare», a fast-growing open banking infrastructure provider based in Riyadh, raised USD 5 million in a pre-Series A funding round. Notably, the round was led by anb Seed Fund, the venture capital arm of ANB Capital. In addition, investors included Vision Ventures, SEEDRA Ventures, 500 Global, Boubyan Ventures, Middle East Venture Partners (MEVP), and other prominent investors.
Founders and Mission
Founded in 2019 by Dalal AlRayes and Saurabh Shah, «Spare» pioneers financial connectivity across the MENA region. Moreover, the company is licensed by the Central Bank of Bahrain and regulated by several GCC central banks. Its secure API platform enables account aggregation, identity verification, risk assessment, and recurring payments. Consequently, leading players such as Tap Payments, Tamara, and Zid rely on «Spare» to deliver faster, secure, and user-focused financial services.
Using the Funds to Expand «Spare»
The new capital will scale «Spare»’s Open Banking platform and API integrations. Additionally, it will accelerate product development. Furthermore, it will drive expansion across the GCC. With a growing network of over 35 financial institutions, «Spare» is becoming the infrastructure backbone of open finance in the region. Therefore, it delivers market-leading products efficiently and at high speed.
Leadership Comments
Dalal AlRayes, Co-founder and CEO of «Spare», said:
“We are building the financial rails for the next generation of businesses in MENA. Furthermore, this investment allows us to move faster, improve product innovation, deepen integrations with regional banks, and accelerate adoption of secure, localized fintech solutions.”
Omar Ardati of anb Seed Fund added:
“«Spare» sets a new standard for financial infrastructure in MENA. Also, their focus on speed, simplicity, and security, combined with local market understanding, makes them a standout fintech company in the region.”
Kais Alessa of Vision Ventures stated:
“The founders of «Spare» are creating secure, seamless financial connectivity that empowers businesses. Moreover, this supports meaningful regional progress and unlocks the full potential of open banking in MENA.”
Open Finance Market
As MENA’s open finance momentum builds, «Spare» is well-positioned to lead. In particular, the Saudi Central Bank (SAMA) launched the Open Banking Lab and implemented a phased regulatory framework. Similarly, the UAE Central Bank is developing its own Open Finance framework.
With the MENA Open Finance market projected to reach USD 10.16 billion by 2030, «Spare» is laying the infrastructure for the region’s next decade of financial innovation. Therefore, this funding marks a new chapter, deepening bank integrations, accelerating the product roadmap, and enabling a new standard of financial connectivity in the digital economy.
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