Spare, the fintech innovator specializing in open banking infrastructure, has successfully closed its Pre-Series A funding round, raising $5 million. The round was led by anb Seed Fund from anb capital, with the participation of 500 MENA, Vision Ventures (VV), SEEDRA VENTURES, Middle East Venture Partners (MEVP), Boubyan Ventures, and several other strategic investors.
Founded in 2019 by Dalal AlRayes and Saurabh Shah, Spare has rapidly established itself as a key enabler in the regional fintech ecosystem. The company provides API solutions that empower businesses to securely access financial data and facilitate account-to-account payments. Beyond payments, Spare’s suite of services also includes account aggregation, identity verification, risk assessment, and recurring payment solutions, helping organizations streamline financial operations while ensuring compliance and security.
The newly raised capital will be instrumental in driving Spare’s strategic growth plans. The company intends to expand integrations with banks and financial institutions, introduce innovative financial products, and scale its services across the region. By strengthening its technology and partnerships, Spare aims to accelerate the adoption of open banking solutions and position itself at the forefront of the financial digital transformation in the Middle East.
This milestone funding round highlights investors’ confidence in Spare’s vision and its ability to shape the future of data-driven financial services. With a proven track record, strong leadership, and a growing client base, Spare is poised to play a pivotal role in enabling financial inclusion and driving innovation across the fintech landscape.
