#Saudi PIF-Backed Digital Bank Courts Investors for Funding - Bloomberg

Saudi PIF-Backed Digital Bank Courts Investors for Funding - Bloomberg

D360, a digital bank backed by Saudi Arabia’s Public Investment Fund, is in early-stage talks with potential investors for a planned funding round in the second half of the year.

The lender, which began operations in December, is targeting the first quarter of 2026 to close the Series A funding, Chief Executive Officer Eze Szafir said in an interview last week.

While Szafir declined to disclose how much D360 aims to raise, the funds will help expand services to small and medium enterprises, aligning with the kingdom’s broader economic diversification strategy. The bank has already raised around $500 million from existing shareholders, including the PIF and Derayah Financial Co.

D360 plans to roll out full lending services for individuals and SMEs later this year.

“We’re looking for new investors in the international landscape, most probably from Europe or the US, with the same quality we have here with the PIF AND Derayah,” Szafir said.

The company has named former JPMorgan Chase & Co. banker Mohammed Nazer its chief financial officer to lead the fund-raising effort. Nazer said D360 expects to mandate banks to run the Series A process by the end of July.

D360 was among the first institutions to get a digital bank license in Saudi Arabia. It has over one million users and aims to reach around four million before a potential public listing in four years.