Dalal Alrayes

Co-founder & CEO

Dalal AlRayes is the co-founder and chief executive of Spare, which she founded in 2019 with Saurabh Shah. Based in Riyadh, the company builds open banking infrastructure with APIs for account data access, account-to-account payments, identity verification, risk scoring and recurring payments. Spare operates in Saudi Arabia, Kuwait and Bahrain, is licensed in Bahrain, authorised under the Saudi regulatory sandbox and has received preliminary approval for an open finance licence in the United Arab Emirates. Under her leadership the company raised three million dollars in 2023 led by Vision Ventures with Wa'ed Ventures, Seedra Ventures and 500 Global, followed by a five million dollar pre-Series A round. She holds an MBA from London Business School and a bachelor's degree in business management from Babson College, studied full-stack web development at Dev Bootcamp, and combines experience in investment management and software development across Europe and the United States. She also founded Caravan Edu.