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Spare closes a $3m funding round led by Vision Ventures

By Delisha Fernandes

December 20, 2023

  • central banks
  • Financial Institutions
  • Financial Solution

SpareSpare, an open banking services provider, has closed a $3 million funding round led by Vision Ventures with participation from Wa’ed Ventures, Seedra Ventures, global investment firm 500 Global, and notable angel investors.

Spare operates in Saudi Arabia, Kuwait, and Bahrain and focuses on providing Open Banking solutions for businesses. Open Banking will unlock the innovations in financial institutions in the region and make the availability of financial solutions and services much easier and faster than ever before.

Spare’s funding round is a testament to its early success and the potential for open banking to empower consumers and businesses with more control over their financial data. “Open banking isn’t solely about technological advancement; it’s about fostering a secure, accessible, and collaborative financial ecosystem. This approach brings together banks, businesses, and consumers, enhancing how they connect and transact, ultimately elevating the region’s financial services, ” said Dalal Alrayes, co-founder and CEO of Spare.

As the global open banking market accelerates, with a CAGR of 24.4%, the MENA region is not far behind, supported by an evolving regulatory landscape and the surge of FinTechs. Central banks across MENA have either laid out or announced plans for frameworks to advance open banking, aiming to boost competition and enrich customer experiences.

“We carefully select our investments in technology startups. Spare stands out as a unique combination of outstanding team experience with a huge market opportunity in the region. We are excited to back such teams to build the next cycle of innovation in fintech infrastructure services such as Open Banking,” said Kais Al-Essa, Founding Partner and CEO at Vision Ventures.

“Open banking has been the backbone of financial innovation, and with the global market anticipated to surpass $43 billion by 2026, Spare is well-positioned to expand the Middle East’s open banking revolution,” said Muhammed Zeeshan, Chief Investment Officer at Wa’ed Ventures.

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