Spare Raises $5M to Expand Open Banking Infrastructure Across GCC
The Saudi fintech will look expand its open banking platform, strengthen API integrations, and accelerate growth across the GCC with backing from major regional investors.
Spare, a Riyadh-based provider of open banking infrastructure, has raised $5 million in a pre-Series A funding round to strengthen its platform and accelerate regional expansion. The round was led by anb Seed Fund, with participation from Vision Ventures, SEEDRA Ventures, 500 Global, Boubyan Ventures, Middle East Venture Partners (MEVP), and other investors. Founded in 2019, Spare is licensed by the Central Bank of Bahrain and regulated by several central banks across the GCC. Its API platform underpins services such as account aggregation, identity verification, risk assessment, and recurring payments, and is already used by companies including Tap Payments, Tamara, and Zid to deliver faster and more secure financial services. The new funding will be directed toward scaling the platform, expanding API integrations, and accelerating product development. Spare also plans to deepen its regional presence, building on connections with more than 35 financial institutions, as it positions itself as the backbone of open finance infrastructure in the Gulf.
