Bahrain’s Spire to drive its regional expansion with $39.5mn investment

By Rahul Vaimal, Associate Editor
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Spire Tech Promotion
Spire Promotion | Image Courtesy: Spire Tech on LinkedIn

Region’s leading open banking provider, Spire is expanding its operations in Bahrain and in the greater MENA region through a Bahrain Economic Development Board (EDB)-backed $39.5 million (BHD15 million) investment plan. 

The expansion is expected to open up 200 job positions over the next three years in high-value data sciences and artificial intelligence sectors.

A graduate from the Central Bank of Bahrain (CBB) Open Banking Sandbox, Spire has been cleared by CBB to offer Open Banking services in Bahrain. The service provider has set up 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 strives 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 Image
Osama Al Khajah
Board at Spire Technologies

“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.”

Meanwhile, Mr. Musab Abdullah, Executive Director of Investment Development – Financial Services, Technology & Innovation at the EDB, remarked that, “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.”

Related: First in Qatar; QNB rolls out Open Banking platform for clients & FinTechs