Since the Saudi Central Bank (SAMA) introduced regulation for digital-only bank licensing in February 2020, the country’s digital banking landscape has been reshaped dramatically. New players have entered the market, customer adoption has accelerated, and innovation has surged across the sector.
Among the many newcomers, several ventures have emerged as clear leaders. These companies, which include both licensed digital banks and independent neobanking startups, are redefining customer relationships and service delivery, setting new standards for the industry.
In this article, we highlight the biggest and most prominent players in Saudi Arabia’s digital banking ecosystem, focusing on independent, standalone digital banks and neobanking challengers. We exclude banking arms of traditional lenders such as Meem by Gulf International Bank (GIB), and NEO by Saudi National Bank (SNB).
Top Digital Banks and Neobanks in Saudi Arabia
STC Bank
STC Bank is one of the largest standalone digital bank in Saudi Arabia, serving over 3 million customers. The company began in 2018 as STC Pay, a digital‑wallet service created by the Saudi Telecom Company (STC). After receiving approval from the Saudi Central Bank (SAMA) in 2021, it transitioned from a wallet provider to a full‑service digital bank.
STC Bank launched its banking operations in January 2025, enabling its then‑15 million STC Pay users to upgrade to STC Bank accounts, receive an international bank account number (IBAN), and access a broader range of financial services. Within three months, two million of those users migrated from the wallet to the banking platform.
Today, STC Bank offers mobile-first Shariah-compliant personal and business banking services, allowing customers to open and manage accounts, transfer money locally and internationally, share and track expenses, pay bills, receive salary deposits, use digital debit and credit cards, and access financing and savings products.
By H1 2025, STC Bank reported a gross profit of SAR 281 million (US$75 million), with total revenue reaching SAR 696 million (US$186 million). In January 2026, it was named the “Best Digital Bank in Saudi Arabia” at the second edition of the Best in Business Awards, organized by Inc. Arabia Magazine.
D360 Bank
Another prominent digital bank in Saudi Arabia is D360 Bank, which serves more than a million customers. Launched in December 2024, it’s a licensed, Shariah‑compliant institution that promises an intuitive digital banking experience.
D360 Bank’s product suite includes individual and business accounts, savings accounts, lending facilities, debit and credit cards, and international transfers. Customers can open an account in roughly two minutes and immediately access a range of personalized financial services.
Beyond customer-first services, D360 Bank also provides Banking-as-a-Service (BaaS) infrastructure, providing third parties with the ability to offer financial products under their own brand.
Since its launch, D360 Bank has seen significant success, processing more than 51 million transactions across over 100 countries, and achieving a total transaction volume exceeding SAR 50 billion (US$13.3 billion) within the first four months of operation.
Looking ahead, D360 Bank is targeting 4 million account holders and is preparing for a potential public listing within the next four years. The bank is currently in talks with global investors about a Series A funding round, which it expects to close by the end of Q1 2026.
Barq
Barq is a neobanking startup that, although not a licensed digital bank, has attracted more than 10 million users. Founded in 2023 and led by former STC Pay CEO Ahmed Alenazi, Barq provides a financial app and a digital account that let users transfer money to over 200 countries. The app comes with accompanying payment cards, and features like peer-to-peer (P2P) transfers, subscription management, spending limits, no annual or international fees, access to 25 airport lounges worldwide, travel insurance, and discounts on hotels and resorts. It also includes a marketplace and game center where users to earn cashback rewards.
Barq, which received its e-wallet license from SAMA in January 2024, issued more than 6.5 million digital payment cards in its first year, underscoring its massive uptake. Since its launch in July 2024, the app has processed over 500 million financial transactions, with a total transaction volume reaching SAR 73 billion (US$19.4 billion).
Hala
Another prominent neobanking company in Saudi Arabia is Hala. This platform, which focuses on micro, small and medium-sized enterprises (MSMEs), freelancers, and business owners, serves more than 150,000 customers and processes over US$8 billion in annual transactions.
Founded in 2017, Hala offers a comprehensive embedded financial services offering, including business bank accounts with IBAN capability, card issuance, digital payment acceptance, fund transfers, point‑of‑sale (POS) solutions for mobile and restaurant environments, payroll management, expense‑control tools, and financing options that are tailored to a company’s sales data. Through the Hala app, business customers can monitor and control their financial operations in real time, accept a wide range of payment methods, and conveniently obtain loans designed to support growth.
In September 2025, Hala raised US$157 million in a Series B funding round. The company said it would use the proceeds to deepen its embedded‑finance offerings, broaden its lending products for MSMEs and freelancers, and accelerate regional expansion.
Vision Bank
Formerly known as Saudi Digital Bank, Vision Bank is a licensed Shariah-compliant digital bank that delivers modern banking services primarily through a mobile and online platform. Launched in September 2025, the company emphasizes technology, user experience, and compliance with regulatory requirements in Saudi Arabia.
Vision Bank’s portfolio includes current accounts designed to handle standard transactions such as deposits, transfers, and payments; family‑banking features that let parents supervise children’s finances while granting limited autonomy; and tools that promote smarter money habits. The bank also offers goal‑based savings accounts, term‑deposit products, and dedicated banking solutions for SMEs. An intelligent digital assistant named “Noura” assists users with routine inquiries and tasks.
Although Vision Bank has not disclosed formal user metrics, the platform has attracted notable interest, accumulating more than 50,000 downloads on Google Play since its debut. For context, market leaders STC Bank and D360 Bank have each more than 1 million downloads on the marketplace.
Featured image: Edited by Fintech News Middle East, based on image by thanyakij-12 via Freepik
