Riyadh, Saudi Arabia –September 16, 2025 — Spare, a fast-growing open banking infrastructure provider based in Riyadh, has raised USD 5 million in a pre-Series A funding round. The round was led by anb Seed Fund, the venture capital fund of ANB Capital —a subsidiary of Arab National Bank’s (ANB) investment arm and one of Saudi Arabia’s leading financial institutions. Other investors included Vision Ventures, SEEDRA Ventures, 500 Global, Boubyan Ventures, Middle East Venture Partners (MEVP), and a group of prominent investors.
Founded by Dalal AlRayes and Saurabh Shah in 2019, Spare is pioneering financial connectivity across the MENA region. Licensed by the Central Bank of Bahrain and regulated by several GCC central banks, Spare provides a secure and unified API platform for financial data access and account-to-account payments, enabling capabilities such as account aggregation, identity verification, risk assessment, and single recurring payments. Spare’s infrastructure is already trusted by leading players like Tap Payments, Tamara, and Zid, helping them deliver faster, more secure, and user-centric financial services.
The new capital will be used to scale Spare’s Open Banking platform and API integrations, accelerate product development, and drive expansion across the GCC. With a growing network of over 35 financial institutions, Spare is emerging as the infrastructure backbone of open finance in the region – delivering market-leading products with speed, focus, and capital efficiency.
Dalal AlRayes, Spare Co-founder and CEO stated: “We’re building the financial rails for the next generation of businesses in MENA. This investment allows us to move faster, doubling down on product innovation, deepening our integrations with regional banks, and accelerating adoption of secure, localized fintech infrastructure solutions across the region.
Omar Ardati of anb seed Fund commented: “Spare is setting a new standard financial infrastructure in MENA. Their commitment to speed, simplicity, and security – combined with a deep understanding of local market dynamics – makes them a standout company in the region’s fintech landscape.”
Kais Alessa of Vision Ventures added: Spare’s founders are building what the region truly needs – secure, seamless financial connectivity that empowers businesses and drives meaningful progress. We’re proud to support their vision to unlock the full potential of open banking in MENA. Spare’s success is a testament to the power of focus, speed, and deep regional insight.”
As MENA’s open finance momentum builds, Spare is uniquely positioned to lead. In Saudi Arabia, the Saudi Central Bank (SAMA) has launched the Open Banking Lab and rolled out a phased regulatory framework to unlock secure, interoperable connectivity across the financial system. Similarly, the Central Bank of the UAE is advancing its own Open Finance framework, reinforcing the region’s shift toward real-time, data-driven financial services. With the MENA Open Finance market projected to reach USD 10.16 billion by 2030, Spare is laying the infrastructure foundation for the region’s next decade of financial innovation.
This funding marks a new chapter in Spare’s journey – deepening its impact across MENA by advancing bank integrations, accelerating its product roadmap, and enabling a new standard of financial connectivity for the region’s digital economy.
About Spare
Spare is a fast-growing open banking infrastructure company that is redefining financial connectivity by enabling businesses to build, scale, and innovate faster. Through a single, secure API, Spare provides seamless connectivity to financial institutions, giving enterprises and fintechs instant access to financial data and payment services. Spare’s platform is fully compliant with local regulatory requirements in the markets it operates in, making it a trusted partner to enterprises, SMEs, and fintechs. Based in Saudi Arabia, Spare also operates in Bahrain, UAE, and Kuwait.
Website: https://tryspare.com/
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