Dalal Alrayes

Spare recently secured a significant USD3-million investment. How will this funding influence Spare’s strategic direction and operations in the near term?

The recent fundraising enhances our growth, enabling us to prioritize the recruitment of top tech talent in alignment with our technology-driven approach. This financial backing allows us to expand our team and extend our reach regionally, furthering our mission to empower businesses in the B2B sector. Moreover, the funds will bolster our innovation efforts and support marketing and outreach initiatives, crucial in the emerging open banking sector. Educating potential clients about Spare’s transformative impact and advantages is a key component of our strategy, as we aim to raise awareness and drive adoption.

What strategies are Spare employing to navigate the varied regulatory and business landscapes across the markets it is present in?

Our ambition extends to having a presence throughout the entire MENA region. We are committed to staying abreast of and actively engaging with developments in various markets. This involves meticulously following updates from regulators regarding open banking and fostering strong connections with both banks and regulatory authorities in each market. Egypt, for instance, stands out as a particularly promising market, prompting us to keep a keen eye on its progress. We maintain dialogue with regulatory bodies to gain insights into their strategic orientations. Recognizing the distinct requirements of each market, we tailor our solutions accordingly, steering clear of a one-size-fits-all approach.

Where do you see Spare in the coming years?

In the markets we serve, there’s a noticeable uptick in adoption rates among businesses, a deepening understanding among banks, and an expansion in the development of practical applications. We actively engage in co-creating these applications, closely examining the various APIs offered by banks. We aim to facilitate more streamlined, customized, and accessible financial services across the region through strengthened partnerships with banks and regulatory bodies. In Kuwait, where Spare stands as the sole open banking provider, we are at the forefront of innovation, working alongside banks and regulatory authorities to shape open banking regulations. Our position allows us a unique opportunity to pioneer and steer the future of open banking in Kuwait, and enhance the financial services available to everyone in the market.