Following this announcement, the funds will be predominantly allocated for talent acquisition, development of operations in KSA, as well as marketing procedures. The funding round was led by Vision Ventures with participation from Wa'ed Ventures, Seedra Ventures, global investment firm 500 Global, as well as other notable angel investors.
As the Open Banking landscape continues to develop at an accelerated rate, central banks across the MENA region either chose to lay out or announced their plans for frameworks in order to advance Open Banking, boosting competition, and improving customer experience. At the same time, this was reinforced by the rapid development of fintech and trends of digital transformation across multiple industries.
Spare will focus on meeting the needs, preferences, and demands of its customers in this ever-evolving market, while providing them more control and transparency over their financial data for a more secure, accessible, and inclusive financial ecosystem. This strategy is expected to bring together banks, financial institutions, businesses, and clients in order to optimise the manner in which they connect and make transactions, as well as improve the overall financial services of the region.
Spare operates in Saudi Arabia, Kuwait, and Bahrain, and represents a company that focuses on providing its partners and customers with secure and efficient Open Banking solutions. The aim of the firm is to unlock new opportunities and capabilities for financial institutions in the region through Open Banking, as well as make the availability of financial services much easier and secure for businesses. Spare had multiple developments in the last couple of months, covering several different geographic areas around the world.
At the beginning of July 2023, Spare obtained the KSA Open Banking certification which was based on the Open Banking Framework, released by the Saudi Central Bank. Following this announcement, the Open Banking service provider was permitted by the Regulatory Sandbox of the Saudi Central Bank (SAMA) to leverage the KSA certification in order to further develop its suite of services and solutions, as well as to meet the requirements imposed by KSA’s dynamic Open Banking ecosystem.
At the same time, Spare was expected to strengthen and optimise its products to provide secure, efficient, and comprehensive Open Banking experiences and capabilities for clients of the Kingdom of Saudi Arabia. The certification was set to give Spare the possibility to test its tools within the Regulatory Sandbox.
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