Spare is an open banking platform designed to connect businesses directly with banks, enabling access to customer data (retail and corporate) and facilitating transactions through a single API. Spare’s product includes APIs for account information, analytics, and payment initiation, with connections to major banks in covered markets. Spare has managed to secure regulatory approvals in Saudi Arabia and Bahrain. In Kuwait, despite the absence of open banking regulations, Spare has successfully convinced the Central Bank of Kuwait to set up a special open banking initiative, making it the first licensed fintech company in the country.
