Spear Spare , a fintech company specializing in open banking infrastructure, has successfully closed a 5 million Pre-Series A funding round. The round was led by anb capital's anb Seed Fund, with participation from prominent regional investors including 500 MENA, Vision Ventures VV, SEEDRA Ventures, Middle East Venture Partners MEVP, Boubyan Ventures, and other strategic backers.
Founded in 2019 by Dalal Al Rais AlRayes and Saurabh Shah, Spear Spare is building technology that empowers businesses to securely access financial data and execute payments between accounts. Its offerings include APIs for account aggregation, identity verification, risk assessment, and periodic payments, enabling companies to simplify operations and enhance customer experiences through open banking solutions.
The newly secured investment will be used to expand the company's connectivity with banks and financial institutions across the region, further develop its suite of products, and broaden its services to meet the growing demand for digital financial infrastructure. By strengthening its capabilities, Spear Spare aims to accelerate the adoption of open banking in the Middle East and position itself as a key player in the region's evolving fintech ecosystem.
