Startup

Saudi Fintech Spare Closes $3 Million Funding Round

Spare, an open banking platform that was founded in 2018 by Dalal Alrayes and Saurabh Shah, enables companies to access the financial data of their clients to develop new products.

By Inc.Arabia Staff
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Saudi Arabia-based fintech startup Spare has secured $3 million in a funding round led by Vision Ventures with participation from Wa'ed Ventures, Seedra Ventures, and global investment firm 500 Global, among other angel investors, as per a press release.[1]

The money will go toward expanding operations and marketing in KSA as well as team size.

Spare, an open banking platform that was founded in 2018 by Dalal Alrayes and Saurabh Shah, enables companies to access the financial data of their clients to develop new products.

It provides businesses with a single connection to streamline data access and is linked to institutions in the area.

Open Banking Service Provider Spare has become a trailblazer in the dynamic Open Banking ecosystem of the Kingdom by obtaining the KSA Open Banking certification, which is based on the Open Banking Framework in July 2023.

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