Spare, the pioneering open banking services provider based in Saudi Arabia, has successfully secured $3 million in a funding round led by Vision Ventures, with significant participation from Wa’ed Ventures, Seedra Ventures, 500 Global, and prominent angel investors. Co-founded in 2018 by Dalal Alrayes and Saurabh Shah, Spare’s innovative open banking platform facilitates businesses in accessing customer financial data to develop new products. The platform, operational in Saudi Arabia, Kuwait, and Bahrain, streamlines data access through a unified connection to regional banks.
The raised funds, including contributions from notable investors, will be strategically utilised to bolster the team, fuel operational expansion, and enhance marketing efforts.
In a statement, Kais Al-Essa, Founding Partner and CEO at Vision Ventures, expressed enthusiasm for supporting Spare, highlighting the exceptional team expertise coupled with substantial market potential in the region. Muhammed Zeeshan, Chief Investment Officer at Wa’ed Ventures, emphasised the significance of Spare in driving the open banking revolution in the Middle East.
As the global open banking market surges with a projected CAGR of 24.4%, Spare is well-positioned to contribute to the Middle East’s financial innovation. Open banking in the MENA region is gaining momentum, backed by evolving regulatory frameworks, a surge in fintechs, and digital transformation across industries. Spare’s successful funding round underscores its early success and the potential of open banking to empower consumers and businesses by providing greater control over their financial data.
Dalal Alrayes, co-founder and CEO of Spare, highlighted that open banking goes beyond technological advancement, fostering a secure and collaborative financial ecosystem. The funding will predominantly be allocated to talent acquisition, marketing initiatives, and operational enhancements in Saudi Arabia.
Saurabh Shah, co-founder and COO at Spare, reiterated the company’s belief in the efficiency of a lean team and expressed how this funding round will enable Spare to advance the open banking agenda in the MENA region.
Hasan Zainal, a founding investor, expressed confidence in Spare’s leadership and vision, foreseeing the company as a key player in transforming the fintech landscape across the MENA region.
Spare, currently serving various businesses in Saudi Arabia, including traditional lenders, Buy Now Pay Later Fintechs, and EFMs, aims to play a pivotal role in building critical infrastructure for the fintech revolution in the region as it expands its offerings and footprint.
This funding round reflects Spare’s promising trajectory and its potential to shape the future of open banking in the Middle East.
