Riyadh-Based Spare Raises $5M for Open Finance Infrastructure
Spare, a Riyadh-based fintech focused on open banking infrastructure, secured $5 million in pre-Series A funding as announced in September 2025. The company provides an API-driven open finance platform that enables fintechs and other businesses to integrate banking services into their products and workflows. Spare's infrastructure supports the next generation of embedded financial services in the MENA region, where open banking frameworks are rapidly maturing.
The funding will be used to build out the platform, expand the team, and deepen integrations with regional financial institutions. Spare operates in a growing Saudi open banking ecosystem alongside players like Bwatech. The round reflects investor confidence in open finance infrastructure as a foundational layer for BaaS and embedded finance in emerging markets.
Specific investor names beyond the company's own announcement were not widely disclosed.
- Strengthens the open banking infrastructure layer in Saudi Arabia, enabling more BaaS-like services in MENA
- Signals early-stage investor appetite for foundational embedded finance platforms in emerging markets