from Left: Saurabh Shah, Co-founder, Spare; Dalal AlRayes, CEO, Spare; Omar Ardati, anb Seed Fund- Spare raises $5 million in pre-Series A funding led by anb Seed Fund.
- The funding will scale Spare’s Open Banking platform, expand API integrations, and accelerate product development across the GCC.
- Spare provides a secure, unified API platform enabling account aggregation, identity verification, risk assessment, and recurring payments.
- Trusted by 35+ financial institutions and with regulatory support from regional central banks, Spare is positioned to lead MENA’s open finance ecosystem.
Spare, a fast-growing open banking infrastructure provider based in Riyadh, Saudi Arabia, has raised $5 million in a pre-Series A funding round to strengthen its position as a leading financial connectivity provider in the MENA region. The round was led by anb Seed Fund, the venture capital arm of Arab National Bank (ANB), with additional participation from Vision Ventures, SEEDRA Ventures, 500 Global, Boubyan Ventures, Middle East Venture Partners (MEVP), and a group of prominent investors.
Founded in 2019 by Dalal AlRayes and Saurabh Shah, Spare provides a secure and unified API platform that enables account aggregation, identity verification, risk assessment, and single recurring payments. Licensed by the Central Bank of Bahrain and regulated by several GCC central banks, Spare is already trusted by companies such as Tap Payments, Tamara, and Zid, helping them deliver faster, more secure, and user-centric financial services.
The newly raised capital will be used to scale Spare’s open banking platform, accelerate API integrations, advance product development, and support regional expansion. Currently, Spare has partnerships with over 35 financial institutions, positioning it as a backbone for MENA’s open finance ecosystem.
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Speaking of the development Dalal AlRayes, Co-founder and CEO of Spare said, “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, localized fintech infrastructure solutions across the region.”
Omar Ardati of anb Seed Fund added, “Spare is setting a new standard 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.”
Kais Al-Essa of Vision Ventures stated, “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.”
As open finance gains momentum in the region, Spare is strategically positioned to lead. In Saudi Arabia, the Saudi Central Bank (SAMA) has launched the Open Banking Lab and a phased regulatory framework to enable secure, interoperable connectivity. Similarly, the Central Bank of the UAE is advancing its Open Finance framework to promote real-time, data-driven financial services. With the MENA Open Finance market projected to reach $10.16 billion by 2030, Spare is laying the infrastructure foundation for the next decade of regional financial innovation.
This funding round for Spare marks a new chapter in Spare’s growth, focusing on expanding bank integrations, accelerating its product roadmap, and setting a new standard of financial connectivity for MENA’s digital economy.
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