Riyadh – Sharikat Mubasher: alrajhi bank announced that it has acquired a 65% stake in Drahim, a Saudi fintech startup.

 The disclosure was part of the bank’s Q2 2024 financial statement, without announcing the value of the acquisition.

The transaction shows a shift in the bank’s strategy after years of developing fintech products internally.

Worth mentioning that Drahim was founded in 2021 and was the first Saudi startup to join Y Combinator. The startup has licenses from SAMA to provide open banking and robo-advisory services.

Sultan AlKhayyal and Yasser AlShrihi, founders of the Drahim, still own a minority stake in the startup. This acquisition included a partial exit and capital infusion. Drahim has previously closed a funding round led by Sanabil 500 MENA and investors from CCG.