Prime Highlights
- Spare, a Bahrain-based FinTech startup, raised $5 million in a pre-Series A funding roundled by anb Seed Fund with participation from regional investors.
- The funding will be used to scale open banking infrastructure, strengthen API connectivity, and expand across the GCC region.
Key Facts
- Founded in 2019, Spare is licensed by the Central Bank of Bahrainand operates with more than 35 banks and financial institutions.
- The MENA Open Finance market is projected to reach $10.16 billion by 2030, positioning Spare as a key player in the digital finance sector.
Background
Spare, a Bahrain-based FinTech startup, has raised $5 million in a pre-Series A funding round led by anb Seed Fund, with the help of 500 MENA, Vision Ventures, SEEDRA Ventures, MEVP, and other investors.
The capital will help Spare to scale up its open banking system, improve API connectivity, and expand to the Gulf Cooperation Council (GCC) region. The company focuses on enhancing its position in the new open finance market.
Spare, established in 2019 by Dalal Alrayes and Saurabh Shah, is a secure system to gain access to financial information and conduct account-to-account payments. The Central Bank of Bahrain licenses the company to operate with over 35 banks and other financial institutions operating in the region.
Omar Ardati of anb Seed Fund added, Spare is establishing a new benchmark of financial infrastructure in MENA. They are a good competitor in the FinTech market of the region because they focus on speed, security, and ease.
CEO Dalal AlRayes added, “This investment allows us to innovate faster, strengthen ties with local banks, and expand the adoption of safe, local FinTech solutions across the GCC.”
The move follows the fact that the MENA Open Finance market is projected to hit $10.16 billion by 2030, and Spare will gain increasing significance within the digital finance space in the region.
