Latest news with #EzeSzafir
Fintech News ME
a day ago
- Business
- Fintech News ME
Saudi Digital Bank D360 Eyes Series A in 2025, Targets Global Investors
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.
The Star
2 days ago
- Business
- The Star
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
Arab News
3 days ago
- Business
- Arab News
PIF-backed D360 bank eyes global investors for Series A round
RIYADH: Saudi Arabia's Public Investment Fund-backed digital bank D360 is in early talks with potential global investors as it prepares for a Series A funding round planned for the second half of 2025. The Shariah-compliant lender, which began operations in December, is targeting the first quarter of 2026 to complete the raise, CEO Eze Szafir said in an interview with Bloomberg. This development follows the bank's successful securing of around $500 million from existing shareholders, including PIF and Derayah Financial Co. While Szafir did not disclose the size of the upcoming round, he told Bloomberg the funding will support the bank's efforts to expand services to small and medium enterprises, aligning with the Kingdom's broader economic diversification strategy 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 was quoted as saying. D360 also plans to roll out full lending services for individuals and SMEs later this year. In preparation for the raise, the company has appointed former JPMorgan Chase & Co. banker Mohammed Nazer as chief financial officer to lead the process. Nazer said the bank expects to appoint advisers to manage the Series A round by the end of July. One of the first institutions to be granted a digital banking license in Saudi Arabia, D360 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 adopting data-driven strategies and modern technologies, D360 aims to contribute to the development of the Kingdom's digital financial infrastructure and align with the goals of Vision 2030. The move comes as the Saudi Central Bank continues to advance regulatory frameworks that support digital transformation in the financial sector. The institution, also known as SAMA, has prioritized fostering innovation and financial inclusion through digital banking, granting licenses to new digital players in a bid to modernize the Kingdom's banking landscape and strengthen financial resilience. This push has helped Saudi electronic payments account for 79 percent of all retail transactions in the Kingdom in 2024, up from 70 percent the previous year, according to SAMA. The central bank also reported that the total number of non-cash retail transactions reached 12.6 billion in 2024, compared to 10.8 billion in 2023, reflecting the continued growth and widespread adoption of digital payment systems nationwide.
Bloomberg
3 days ago
- Business
- Bloomberg
Saudi PIF-Backed Digital Bank Courts Investors for Funding
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 in an interview last week.
Web Release
27-05-2025
- Business
- Web Release
D360 Bank Welcomes One Million Customers in Four Months
D360 Bank, the innovative Saudi Shariah-compliant digital bank, has announced that it has reached more than one million customers within the first four months of its official launch, setting a new global benchmark in digital banking adoption. This milestone underscores the growing demand for seamless and secure digital financial solutions in Saudi Arabia. Since beginning operations, D360 Bank customers have conducted over 51 million transactions across more than 100 countries, with a total transaction volume exceeding SAR 50 billion (USD 13.3 billion). This milestone was made possible through the support of the Public Investment Fund (PIF), Derayah Financial, and a number of prominent investors and financial experts. Further strengthening the bank's position as a leading digital banking institution in Saudi Arabia. Commenting on the achievement, Mr. Taha Abdullah Al-Kuwaiz, Chairman of D360 Bank, expressed his pride, stating: 'D360 Bank is proud to lead the charge in reimagining digital banking. This one million customer milestone reflects the trust placed in us by customers and partners. Our mission is to lead in financial innovation, promote inclusion, and help realize the goals of Vision 2030 by delivering modern, Shariah-compliant services at scale.' D360 Bank offers an intuitive digital banking experience, enabling customers to open an account in two minutes and access personalized financial services designed to meet their individual needs. With a fully integrated digital banking model powered by cutting-edge financial technologies, customers can manage their finances anytime, anywhere. Through the D360 Bank app, users can easily make fast, fee-free international payments, pay bills, and transfer money, while benefiting from the highest levels of transparency and security. The bank has also introduced a range of core services, including Banking-as-a-Service (BaaS) infrastructure, now live with three external clients, and the newly launched Sanabil Savings Account, the Shariah-compliant savings product in Saudi Arabia to calculate and deposit profits daily, offering expected annual returns of up to 2%. 'Our growth trajectory is clear. Saudi consumers are ready for a seamless, digital-first banking experience,' said Eze Szafir, CEO of D360 Bank. 'We've built the infrastructure to scale quickly, securely, and in full alignment with regulatory requirements. This is just the beginning.' Source: AETOSWire
