25-05-2025
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.'
Szafir added that customers collectively saved SAR 66 million (USD 17.6 million) in foreign exchange spreads and SAR 81 million (USD 21.6 million) in local and international transfer fees compared to traditional banks.
Saudi Arabia is leading the way in financial innovation with an advanced digital banking ecosystem that is expanding the reach of traditional financial services, boosting financial inclusion, and enhancing the competitiveness of the Saudi economy in line with the Financial Sector Development Program. In 2024, digital transactions accounted for 79% of retail transactions in the Kingdom, indicating a move toward a cashless society. Fintech is projected to contribute SAR 13.3 billion (USD 3.5 billion) to the GDP by 2030, supported by a robust technological infrastructure and a regulatory environment that encourages innovation and investment.
About D360 Bank
D360 Bank is a fully Saudi digital, Shariah-compliant bank backed by PIF, Derayah Financial, and several renowned investors and financial experts. Its mission is to provide inclusive, Shariah-compliant financial services to retail customers by leveraging advanced technology and data, all in full compliance with local regulations. With a team of experienced local and international experts, D360 Bank aims to expand access to credit, enhance financial inclusion, and support Saudi Arabia's economic growth in line with Vision 2030.
