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.
