Spare
Open banking is built in Riyadh.
Spare provides API-driven account aggregation, identity verification, risk assessment, and recurring payments to fintechs and e-commerce firms across the Gulf. Its business model centres on usage-based fees for developers and enterprise subscriptions.
Last week, the company raised $5 million pre-Series A led by Arab National Bank Seed Fund with Vision Ventures (VV), SEEDRA Ventures, 500 Global, Boubyan Bank Ventures, and Middle East Venture Partners (MEVP), all backing its plan to expand integrations across the GCC.
Current clients include Tap Payments, Tamara, and Zid | زد, and the platform is licensed by the Central Bank of Bahrain.
Founded by Dalal AlRayes and Saurabh Shah, Spare aims to make bank data connectivity as easy as a REST call.
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