Spare raises $5m to drive next-gen digital banking across MENA

By Vriti Gothi

Spare has raised $5 million pre-Series A funding round, led by anb Seed Fund, with participation from 500 MENA, Vision Ventures, SEEDRA Ventures, MEVP, Boubyan Ventures, and other investors.

The capital injection will enable Spare to scale its open banking platform, enhance API integrations, and accelerate its expansion across the GCC region, reinforcing its position as a cornerstone of the emerging open finance ecosystem.

Founded in 2019 by Dalal AlRayes and Saurabh Shah, Spare delivers a secure and unified API platform for financial data access and account-to-account payments. Licensed by the Central Bank of Bahrain and regulated across multiple GCC jurisdictions, Spare currently collaborates with over 35 financial institutions, driving innovation in digital financial infrastructure.

Omar Ardati of anb Seed Fund said, “Spare is setting a new standard for 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.”

Dalal AlRayes, Co-Founder and CEO of Spare, said,  “We are 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, localised FinTech infrastructure solutions across the region.”

The announcement comes at a time when the MENA Open Finance market is projected to reach $10.16 billion by 2030, underscoring the strategic significance of Spare’s platform in shaping the region’s digital financial ecosystem.