Vision Ventures has invested $5 million in Spare's Pre-Series A round, confident in its ability to lead open finance transformation in the MENA region.

Information on the Target

Spare is a fintech company that emerged as a strong contender in the financial services sector within the MENA region since its founding. It has quickly developed a reputation for its innovative approach to open banking, which aims to revolutionize how financial services are delivered and consumed. Founded by Dalal AlRayes and Saurabh Shah, Spare has demonstrated impressive traction, expanding from its origins in Bahrain to secure approvals from the Saudi Central Bank and other regulatory bodies, enabling it to test and implement pioneering financial services.

The company has established connections with all major banks in Saudi Arabia for Account Information Services, and has amassed a diverse client base of over 50 customers, all while maintaining a remarkable retention rate uncommon in B2B fintech. Their ability to combine strong technical expertise with a keen understanding of market dynamics has positioned them strongly in a rapidly evolving industry.

Industry Overview in MENA

The financial technology industry in the MENA region is on the verge of a transformation, largely driven by advancements in digital banking and regulatory reforms. Open banking is particularly gaining momentum, with regulators like the Saudi Central Ba