Saudi Arabia’s digital bank D360, backed by the Public Investment Fund (PIF), is in preliminary discussions with potential global investors as it prepares for a Series A funding round slated for the second half of 2025.
The Shariah-compliant bank, which began operations in December, aims to complete the fundraising in the first quarter of 2026, according to Chief Executive Officer Eze Szafir in an interview with Bloomberg.
This follows D360’s successful raising of approximately US$500 million from existing shareholders, including the PIF and Derayah Financial Co.
Szafir did not specify the size of the upcoming round but said the funds would support efforts to expand services to small and medium-sized enterprises (SMEs), in line with Saudi Arabia’s economic diversification objectives under Vision 2030.
“We’re looking for new investors in the international landscape, most probably from Europe or the US, with the same quality we have here with the PIF and Derayah,”
Szafir told Bloomberg.
The bank also plans to launch comprehensive lending services for individuals and SMEs later this year.
To prepare for the funding round, D360 has appointed former JPMorgan Chase & Co. banker Mohammed Nazer as Chief Financial Officer to oversee the process.
Nazer said the bank expects to appoint advisers to manage the Series A round by the end of July.
D360 is among the first institutions to receive a digital banking licence in Saudi Arabia and currently serves over 1 million users.
It is targeting 4 million account holders ahead of a potential public listing within the next four years.
By leveraging data-driven strategies and modern technologies, the bank aims to support the development of Saudi Arabia’s digital financial infrastructure in alignment with Vision 2030.
The move comes as the Saudi Central Bank (SAMA), continues to update regulatory frameworks to facilitate digital transformation in the financial sector.
SAMA has prioritised innovation and financial inclusion by licensing new digital banking players as part of efforts to modernise the Kingdom’s banking system and bolster financial resilience.
This regulatory push has contributed to electronic payments accounting for 79% of all retail transactions in Saudi Arabia in 2024, up from 70% in 2023, according to SAMA.
The central bank also reported that non-cash retail transactions totalled 12.6 billion in 2024, compared with 10.8 billion the year before, reflecting ongoing growth and adoption of digital payments nationwide.
Featured image credit: Edited by Fintech News Middle East, based on image by mohammedyounos20 via Freepik
