AlRajhi Bank has acquired a 65% stake in Drahim, a Saudi fintech startup. The disclosure came in the Bank Q2 2024 financial statement, without announcing the value of the acquisition.

Why it Matters? The acquisition shows a shift in the bank’s strategy after years of developing fintech products internally.

More to Know:

• 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.
• The acquisition included a partial exit and capital infusion.
• Drahim has previously closed a funding round led by Sanabil 500 MENA and investors from CCG.