The newly secured investment will be used to expand the company’s connectivity with banks and financial institutions across the region, further develop its suite of products, and broaden its services to meet the growing demand for digital financial infrastructure.
Spare , a leading provider of open banking infrastructure, has raised $5 million in a Pre-Series A funding round led by ANB Capita l, the investment arm of the Arab National Bank and one of the Kingdom’s prominent financial institutions. The round also saw participation from other investors, including Vision Ventures , SEEDRA Ventures, Boubyan Ventures, 500 Global, Middle East Venture Partners , and a group of notable individual investors.
Founded in 2019 by Dalal Al Rees and Surab Shah, Spare develops open banking infrastructure across the region. The company is licensed by the Central Bank of Bahrain and operates under the regulatory oversight of several GCC central banks. Spare provides a secure, unified API that enables access to financial data and execution of payments between accounts, supporting services such as account aggregation, identity verification, risk assessment, and recurring payments.
Spare’s solutions are trusted by leading companies such as Tab Payments, Tamara, and Zid, helping them deliver faster and more secure financial services.
The new funding will be used to expand Spare’s integration with banks and financial institutions, accelerate product development, and drive expansion across GCC markets. With a growing network of more than 35 financial institutions, Spare has positioned itself as a key pillar in the region’s open banking ecosystem, offering innovative solutions characterized by speed, efficiency, and effective capital utilization.
“Today, we are building the financial infrastructure that will empower the next generation of companies in the region. This investment gives us a strong boost to accelerate innovation, enhance integration with banks and financial institutions, and increase adoption of secure open banking solutions tailored to local markets.”
-Dalal Alrayes, Co-founder and CEO, Spare
“Spare sets a new standard for open banking services in the region. The team’s commitment to simplicity, speed, and security, combined with a deep understanding of the local market, makes it one of the region’s leading fintech companies.”
-Omar Ardati, Head of Private Equity, ANB Capital
“Spare is building what the region needs – a secure and seamless financial connectivity framework that enables business growth and drives real progress. We are proud to support their ambitious vision to unlock the full potential of open banking in the MENA region. Spare’s success reflects the power of focus, speed, and deep local understanding.”
– Kais Al-Essa, Founding Partner and CEO, Vision Ventures
As momentum for open banking accelerates in the region, Spare is emerging as a key player in this transformation. In Saudi Arabia, the Saudi Central Bank (SAMA) has launched its Open Banking Program and established a phased regulatory framework to enable secure financial connectivity that promotes individual and community economic empowerment. In the UAE, the Central Bank of the UAE is also developing its own regulatory framework to support this initiative. Estimates indicate that the open banking market in MENA is expected to reach $10.16 billion by 2030.
This funding marks a new chapter in Spare’s journey, strengthening its regional impact by deepening banking services, accelerating product development, and setting a new standard for financial connectivity in the region’s digital economy.
