Spare, a Saudi based open banking services provider, announced the close of 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 was established by Dalal Alrayes and Saurabh Shah. It operates in Saudi Arabia, Kuwait, and Bahrain and focuses on providing cutting-edge 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.

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. This is further reinforced by a rapidly growing number of fintechs and a trend of digital transformation across industries, indicating a significant potential for open banking to flourish in MENA.

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, “

stated Dalal Alrayes, co-founder and CEO of Spare.

The funds will be predominantly allocated for talent acquisition, marketing, and operations in KSA.

Featured image credit: Dalal Alrayes, co-founder and CEO of Spare and Saurabh Shah, co-founder of Spare