D360 Bank Company Profile

Background

Overview

D360 Bank, established in 2022 and headquartered in Riyadh, Saudi Arabia, is a fully digital, Shariah-compliant financial institution. Backed by the Public Investment Fund (PIF) and Derayah Financial Company, along with several prominent investors and financial experts, D360 Bank aims to provide inclusive financial services by leveraging advanced technology and data analytics. The bank's mission aligns with Saudi Arabia's Vision 2030, focusing on financial innovation and inclusion to support the Kingdom's economic growth.

Mission and Vision

D360 Bank is committed to delivering modern, Shariah-compliant banking services at scale, promoting financial inclusion, and contributing to the realization of Vision 2030. The bank emphasizes user-friendly, swift, and secure banking services to fulfill the financial aspirations of its clientele.

Key Strategic Focus

Core Objectives

• Financial Inclusion: Expand access to credit and banking services for individuals, entrepreneurs, and small to medium-sized enterprises (SMEs).

• Digital Innovation: Utilize cutting-edge financial technologies to offer seamless digital banking experiences.

• Shariah Compliance: Ensure all products and services adhere to Islamic banking principles.

Areas of Specialization

• Retail Banking: Providing personalized financial services tailored to individual needs.

• SME Services: Developing products to support the growth and financial health of small and medium-sized enterprises.

• Banking-as-a-Service (BaaS): Offering infrastructure to external clients, enabling them to integrate banking services into their platforms.

Key Technologies Utilized

• Artificial Intelligence (AI): Implementing AI-driven capabilities to enhance customer experiences and streamline operations.

• Data Analytics: Leveraging data insights to deliver personalized financial services.

• Digital Platforms: Utilizing advanced digital platforms to provide 24/7 banking services accessible from anywhere.

Primary Markets Targeted

• Saudi Arabia: Catering to the domestic market with a focus on individuals and SMEs.

• International Expansion: Plans to attract global investors and expand services beyond the Kingdom.

Financials and Funding

Funding History

• Initial Capital: Raised SAR 1.65 billion (approximately USD 440 million) from investors led by Derayah Financial and the Public Investment Fund.

• Series A Round: In early talks with potential global investors for a Series A funding round planned for the second half of 2025, targeting completion in the first quarter of 2026. The funding aims to support the expansion of services to SMEs and align with the Kingdom’s economic diversification strategy under Vision 2030.

Notable Investors

• Public Investment Fund (PIF): Saudi Arabia's sovereign wealth fund.

• Derayah Financial Company: A leading financial services firm in the Kingdom.

Utilization of Capital

• Service Expansion: Enhance offerings to SMEs and individuals.

• Technological Development: Invest in advanced technologies to improve digital banking services.

• Market Growth: Scale operations to increase market share and customer base.

Pipeline Development

Key Developments

• Customer Acquisition: Reached over one million customers within the first four months of official launch, conducting over 51 million transactions across more than 100 countries, with a total transaction volume exceeding SAR 50 billion (USD 13.3 billion).

• Product Launches:

• Sanabil Savings Account: A Shariah-compliant savings product offering expected annual returns of up to 2%, with daily profit calculations and deposits.

• Banking-as-a-Service (BaaS): Infrastructure now live with three external clients, enabling them to integrate banking services into their platforms.

Anticipated Milestones

• Lending Services: Plans to roll out full lending services for individuals and SMEs later this year.

• Customer Growth: Targeting four million account holders ahead of a potential public listing within the next four years.

Technological Platform and Innovation

Proprietary Technologies

• AI-Powered Financing: Developing digital financing products using data analytics and artificial intelligence to attract customers and enhance service offerings.

Significant Scientific Methods

• Data-Driven Strategies: Employing data analytics to deliver personalized financial services tailored to each customer’s needs.

Leadership Team

Key Executives

• Taha Abdullah Al-Kuwaiz: Chairman of D360 Bank. Expressed pride in the bank's rapid growth and commitment to financial innovation and inclusion.

• Eze Szafir: CEO of D360 Bank. Emphasized the bank's readiness to scale quickly and securely, aligning with regulatory requirements and customer needs.

Recent Appointments

• Mohammed Nazer: Appointed as Chief Financial Officer to lead the Series A funding process. Formerly with JPMorgan Chase & Co.

Competitor Profile

Market Insights and Dynamics

• Digital Banking Growth: Saudi Arabia is witnessing a significant shift towards digital banking, with digital transactions accounting for 79% of retail transactions in 2024.

• Fintech Contribution: 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.

Competitor Analysis

• STC Pay: A leading digital wallet in Saudi Arabia, offering a range of financial services including remittances and bill payments.

• Alinma Bank: A Shariah-compliant bank offering digital banking services and products tailored to individual and corporate clients.

• SNB (Saudi National Bank): One of the largest banks in the Kingdom, providing comprehensive digital banking solutions.

Strategic Collaborations and Partnerships

• Public Investment Fund (PIF): Strategic backing providing capital and support for growth initiatives.

• Derayah Financial Company: Partnership offering financial expertise and investment support.

• Fintech Saudi Arabia: Signed a Memorandum of Understanding to develop the Kingdom’s financial technology sector.

Operational Insights

Competitive Advantages

• Rapid Customer Acquisition: Achieved over one million customers within four months, demonstrating strong market demand and effective onboarding processes.

• Innovative Product Offerings: Introduction of unique products like the Sanabil Savings Account and BaaS infrastructure.

• Technological Infrastructure: Utilization of advanced technologies to provide seamless and secure digital banking experiences.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Service Expansion: Enhance offerings to include full lending services for individuals and SMEs.

• Market Growth: Targeting four million account holders and exploring potential public listing within the next four years.

• Technological Advancement: Continued investment in AI and data analytics to improve service personalization and operational efficiency.

Opportunities for Expansion

• International Investors: Engaging global investors to support growth initiatives and expand market reach.

• SME Focus: Developing tailored products and services to support the growth of small and medium-sized enterprises in the Kingdom.

Contact Information

• Website: D360 Bank

• Social Media:

• LinkedIn: D360 Bank on LinkedIn

• Twitter: D360 Bank on Twitter

• Instagram: D360 Bank on Instagram