RIYADH: As it prepares for a Series A investment round scheduled for the second half of 2025, D360, a digital bank supported by the Public Investment Fund of Saudi Arabia, is in preliminary discussions with possible international investors.
In an interview with Bloomberg, CEO Eze Szafir stated that the Shariah-compliant institution, which started operations in December, plans to finish the rise by the first quarter of 2026. This comes after the bank was able to successfully raise almost $500 million from its current owners, which included PIF and Derayah Financial Co.
Szafir told Bloomberg that the funds will help the bank’s attempts to extend services to small and medium-sized businesses, in line with the Kingdom’s larger economic diversification policy under Vision 2030, even if he did not reveal the size of the forthcoming round.
We’re seeking new investors in the international arena, most certainly from Europe or the US, with the same quality we have here with the PIF and Derayah,” Szafir was quoted as saying. Later this year, D360 intends to offer complete loan services to consumers and SMEs.
Mohammed Nazer, a veteran banker at JPMorgan Chase & Co., has been named as the company’s chief financial officer to oversee the process in advance of the increase. According to Nazer, the bank anticipates hiring advisors by the end of July to oversee the Series A financing.
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