Al Rajhi Bank Acquires Majority Stake in Drahim App
Through this acquisition, Drahim plans to further enhance its offerings for both individuals and businesses.
Saudi Arabian Al Rajhi Bank has acquired a 65% stake in Drahim, a financial management and automated investment platform licensed by the Saudi Central Bank (SAMA) and operating under the Capital Market Authority's (CMA) regulatory framework. This acquisition marks the first time a Saudi bank has secured a majority stake in a local fintech startup.[1]
Drahim, founded in August 2021 by Sultan Al Khayal and Yasser Al Sharihi, offers a range of services including open banking and fintech solutions aimed at enhancing investment and savings. The app provides users with features such as account consolidation, expense tracking, and investment management across various asset classes.
This acquisition aligns with Al Rajhi Bank’s strategy to use advanced technologies and regulatory frameworks to bolster its position in the financial sector.
The investment in Drahim follows successful pre-seed and seed rounds, with contributions from Sanabil Investments, angel investors, Gulf investment firms, and Y Combinator.
Through this acquisition, Drahim plans to further enhance its offerings for both individuals and businesses, contributing to the Kingdom's goal of becoming a global fintech hub in line with the Saudi Vision 2030.
