Saudi Fintech Spare Secures $5 Million Pre-Series A Funding
Saudi Arabian fintech startup Spare has successfully closed a $5 million pre-Series A funding round, signaling strong investor confidence in the burgeoning open banking sector of the Middle East and North Africa (MENA) region. The round was spearheaded by anb Seed Fund, with significant participation from notable investors including 500 MENA, Vision Ventures, SEEDRA Ventures, MEVP, and Boubyan Ventures. Spare, founded in 2019 by Dalal Alrayes and Sourabh Shah, offers a suite of open banking APIs facilitating secure account data access, account-to-account payments, identity verification, risk scoring, and recurring payment solutions.
Fueling Expansion and Innovation
The newly acquired capital will be strategically deployed to enhance Spare’s existing bank integrations, accelerate the development of innovative new products, and facilitate regional expansion. This follows a previous $3 million funding round in 2023 led by Vision Ventures, with backing from Wa’ed Ventures, Seedra Ventures, 500 Global, and angel investors. Spare is licensed in Bahrain, operates under Saudi Arabia’s regulatory sandbox, is piloting its solutions in Kuwait, and has received preliminary approval for an open finance license in the UAE, demonstrating its commitment to serving the broader Gulf Cooperation Council (GCC) market.
Spare’s successful fundraising underscores the growing demand for open banking solutions in the MENA region, driven by increasing digitalization and a desire for more seamless and secure financial services. As Spare continues to expand its footprint and product offerings, it is poised to play a pivotal role in shaping the future of fintech in the region.
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