6 days ago
Saudi digital bank courts investors
The bank has already raised around US$500mil from existing shareholders, including the PIF and Derayah Financial Co. — Bloomberg
RIYADH: D360, a digital bank backed by Saudi Arabia's Public Investment Fund, is in early-stage talks with potential investors for a planned funding round in the second half of the year.
The lender, which began operations in December, is targeting the first quarter of 2026 to close the Series A funding, chief executive officer Eze Szafir said last week.
While Szafir declined to disclose how much D360 aims to raise, the funds will help expand services to small and medium enterprises (SMEs), aligning with the kingdom's broader economic diversification strategy.
The bank has already raised around US$500mil from existing shareholders, including the PIF and Derayah Financial Co.
D360 plans to roll out full lending services for individuals and SMEs later this year.
'We're looking for new investors in the international landscape, most probably from Europe or the United States, with the same quality we have here with the PIF and Derayah,' Szafir said.
The firm has named former JPMorgan Chase & Co banker Mohammed Nazer its chief financial officer. — Bloomberg
