Saudi Open-Banking Fintech Spare Raises $5M Pre-Series A Led by anb Seed Fund
Riyadh-based Spare closed a $5 million pre-Series A round led by anb Seed Fund to deepen bank integrations and expand its open-banking infrastructure across the GCC.
Spare, a Riyadh-based open-banking fintech, has raised $5 million in pre-Series A funding led by anb Seed Fund, the venture arm of anb capital. The round drew participation from 500 MENA, Vision Ventures, SEEDRA Ventures, Middle East Venture Partners (MEVP), Boubyan Ventures and others.
Founded in 2019 by Dalal Alrayes and Sourabh Shah, Spare operates open-banking infrastructure that connects financial institutions and enables data-driven financial products. The company said the capital will accelerate bank and financial institution integrations, fund the development of new financial products and drive regional expansion across the GCC.
The raise follows a $3 million round in 2023 that was led by Vision Ventures.