Saudi fintech Spare closes $5 million pre-Series A
- Saudi Arabia-based fintech Spare has raised $5 million in pre-Series A led by anb Seed Fund, with participation from 500 MENA, Vision Ventures, SEEDRA Ventures, MEVP, Boubyan Ventures and others.
- Founded in 2019 by Dalal Alrayes and Sourabh Shah, Spare provides open banking APIs for account data access, account-to-account payments, identity verification, risk scoring, and recurring payments.
- The funding will go towards strengthening bank integrations, building new products, and expanding regionally.
- In 2023, Spare raised a $3 million funding round, led by Vision Ventures and supported by Wa’ed Ventures, Seedra Ventures, global investment firm 500 Global, and several angel investors; the company is licensed in Bahrain, authorised under Saudi Arabia’s sandbox, piloting in Kuwait, and has received preliminary approval for an open finance license in the UAE.
Press release:
Saudi fintech startup Spare has raised $5 million in pre-Series A funding led by anb Seed Fund, the venture arm of anb capital, with participation from 500 MENA, Vision Ventures, SEEDRA Ventures, Middle East Venture Partners (MEVP), Boubyan Ventures and other investors.
The company will use the new capital to strengthen its integrations with banks and financial institutions, develop new products, and expand its services across the region.
Founded in 2019 by Dalal Alrayes and Sourabh Shah, Spare builds open banking infrastructure, offering APIs that enable companies to access financial data and initiate account-to-account payments. Its services include account aggregation, identity verification, risk assessment, and recurring payments.
Spare is licensed by the Central Bank of Bahrain as an Account Information Service Provider (AISP) and a Payment Initiation Service Provider (PISP). The company is also authorised under the Saudi Central Bank’s regulatory sandbox, is piloting open banking services in Kuwait under the central bank’s supervision, and has obtained in-principle approval for an open finance licence from the UAE Central Bank.