Saudi Fintech Spare Secures $3 Million Funding to Drive Open Banking Expansion

Spare, a Saudi fintech startup, secures a $3 million funding round led by Vision Ventures, featuring Wa'ed Ventures, Seedra Ventures, and 500 Global. The open banking platform, founded by Dalal Alrayes and Saurabh Shah in 2018, aims to enhance financial data access for businesses in Saudi Arabia, Kuwait, and Bahrain. The funding will drive expansion, marketing initiatives, and team scaling, positioning Spare as a key player in the MENA region's evolving open banking landscape.

Vision Ventures' Founding Partner, Kais Al-Essa, expresses excitement in supporting Spare's innovative approach to fintech infrastructure. As the open banking sector grows globally, Muhammed Zeeshan, Chief Investment Officer at Wa'ed Ventures, sees Spare well-positioned to lead the open banking revolution in the Middle East.

With a global open banking sector CAGR of 24.4%, the MENA region, supported by fintech growth and changing regulations, aligns with the global trend. Spare's fundraising signifies early success and showcases open banking's potential to empower customers and businesses. Co-founder and CEO Dalal Alrayes emphasizes Spare's commitment to creating a collaborative financial ecosystem in the region.

The funding will primarily support operations, marketing, and team expansion in Saudi Arabia. Spare's COO, Saurabh Shah, notes the importance of a lean yet efficient team in achieving ambitious goals. The collaboration between Spare's founders and investor Hasan Zainal reflects confidence in Spare's vision to transform the fintech landscape across the MENA region.