Finance & Capital Market

Spire plans Mena expansion with $39.5m investment

Spire, a leading open banking provider in the GCC is set to expand its operations in Bahrain and the Mena region through a BD15 million ($39.5 million) investment plan, with support from the Bahrain Economic Development Board (EDB).

This expansion will create 200 jobs over the next three years in high-value data sciences and artificial intelligence sectors.

Spire graduated from the Central Bank of Bahrain (CBB) Open Banking Sandbox and has been ratified by CBB to offer Open Banking services in Bahrain. Spire has established its headquarters in Bahrain and is in process of setting up a regional office in KSA. The company brings a strong international partner network including Salt Edge, a leading Canadian Open Banking player and Mastercard to offer next-gen Open Banking solutions.

Spire aims to provide Open Banking compliance, infrastructure and strategic financial management solutions for banking customers and small businesses.  The company is already revolutionizing financial data sharing as well as making money movement simple, secure, and fun.

Osama Al Khajah, Chariman, Board at Spire Technologies, said: “Open Banking will comprehensively change how banks and fintechs engage with the larger economy. Spire is empowering individuals and businesses and will directly help create more affordable and more innovative financial solutions. Bahrain was a natural choice for Spire to launch its Mena business given the Kingdom’s strong regulatory framework, large talent pool and tremendous support from EDB and the central bank.”

Musab Abdullah, Executive Director of Investment Development - Financial Services, Technology & Innovation at the EDB, said: "Spire’s success reflects Bahrain's strong financial services eco-system, including open banking services. We are pleased to support the company with its expansion and see it benefit from Bahrain's pro-innovation regulatory framework and its collaborative “Team Bahrain” approach.” – TradeArabia News Service