Latest news with #AlrajhiBank
Arab News
28-04-2025
- Business
- Arab News
UAE-based fintech Pemo enters Saudi market
Pemo, an all-in-one spend management platform, has officially launched in Saudi Arabia, offering cutting-edge financial solutions to businesses of all sizes across the Kingdom. Backed by $19 million in funding from global investors, the MENA-grown fintech company will provide smart corporate and virtual cards, automated receipt collection, and AI-driven accounting to streamline expense tracking and invoice management, enabling Saudi companies to focus their time on innovating and driving the growth of their businesses. By having a presence in the market, Pemo will help contribute toward building Saudi Arabia's thriving fintech ecosystem, which is being driven by the Kingdom's Vision 2030 and its ambitions to be a digital-first economy. Partnering with neoleap, a subsidiary of Alrajhi Bank, Pemo will integrate its cutting-edge and user-friendly spend management platform with neoleap's innovative payment infrastructure, meaning that Saudi businesses will have full control over their finances, optimizing their operations for greater transparency and efficiency. More than 6,000 customers already use Pemo, and the partnership with neoleap marks a natural step as the company enters the Saudi market. With government-backed initiatives, regulatory advancements and a thriving startup scene, Pemo's focus will be on both servicing businesses and hiring talent over the coming year. Ayham Gorani, co-founder of Pemo, said: 'Saudi Arabia is undergoing a remarkable economic transformation, and businesses need smart, efficient financial solutions to fuel their growth efforts.' By launching in the Kingdom, and partnering with a trusted entity like neoleap, we're bringing our platform to one of the most dynamic and forward-thinking markets in the region; we have always wanted to be in Saudi, and we are committed to helping support the Kingdom's goal toward a cashless future as part of its Vision 2030 ambitions. 'At the same time, we're excited to be investing in local tech talent and nurturing the next generation of fintech leaders as we help toward building a sustainable, world-class fintech ecosystem.' Echoing this sentiment, Abdullah Albrahim, CEO of neoleap, said: 'At neoleap, our mission is to reshape the financial landscape and equip businesses with the tools they need to thrive in an increasingly digital world. Our partnership with Pemo is a significant step in that direction, providing Saudi businesses with a seamless, AI-powered spend management solution fully integrated with neoleap's advanced payment infrastructure. This collaboration reflects our shared vision of enabling businesses to make smarter financial decisions, while advancing Saudi Arabia's fintech ecosystem.' Pemo's move into the Kingdom marks three years of the business being in operation, with the company recently being named among the UAE's Top Future 100 companies and Forbes' top UAE fintech companies.
Argaam
29-01-2025
- Business
- Argaam
Abdullah Al Rajhi: Alrajhi Bank Achieves 19% Growth with Net Profits of 19,722 Million SAR in 2024
Mr. Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors of alrajhi bank, announced that the bank achieved net profits of 19,722 million Saudi Riyals for the year 2024, reflecting a growth rate of 19% compared to 16,621 million Riyals in 2023. Total operating income reached 32,055 million SAR, with a growth of 16%, driven by increased net financing and investment income, as well as higher banking service fees. These results highlight the bank's successful execution of its strategies for sustainable growth and financial performance. Abdullah Al Rajhi noted that shareholders' equity rose to 123 billion SAR, marking an increase of 15% compared to 107 billion SAR in 2023. Total assets grew by 21% to reach 974 billion SAR, fueled by a 17% increase in the financing portfolio and a 31% rise in the investment portfolio. Customer deposits also expanded by 10%, totaling 628 billion SAR. Additionally, the bank achieved a return on assets of 2.3%, a return on shareholders' equity of 21.1%, and earnings per share of 4.67 SAR. Non-performing financing coverage also remained robust reaching around 160%. Abdullah Al Rajhi added that the bank continues to excel in the field of digital services, as he considers innovation an essential part of the bank's strategy, as alrajhi bank recorded more than one billion logins to its applications during 2024, with a 22% increase in the number of new customers via mobile phones. The bank recorded a 23% increase in card issuance, and exceeded more than 10 million international transfers. In addition, the bank witnessed a 29% increase in opening accounts online. On the bank's community service initiatives, Abdullah Al Rajhi emphasized the continued success of the 'Alrajhi Bank Educational Orphan Care Program,' now in its third year. The program supports over 200 students across 28 private Saudi universities in disciplines such as medicine, engineering, cybersecurity, and law. The 'National Community Initiative for Kidney Transplantation' also achieved significant milestones, completing 77 kidney transplants in its third year, with plans to reach 91 by year-end. Meanwhile, the Alrajhi Bank Cardiac Catheterization Center at Al Rass General Hospital successfully conducted 100 procedures since its launch in late 2024. Additionally, the bank has strengthened its support for healthcare by deploying mobile blood donation vehicles to over 50 locations in Riyadh and Medina, facilitating donations from more than 6,000 individuals. Abdullah Al Rajhi concluded by reaffirming the bank's commitment to supporting Vision 2030, playing a pivotal role in the Kingdom's economic progress, and consistently enhancing customer trust and experience. By prioritizing innovation and customer-focused solutions, alrajhi bank remains dedicated to addressing the evolving needs of its customers while staying true to its core values.
