PIF’s D360 Bank plans to close funding round in Q1 2026: CEO

Logo of D360 Bank

D360 Bank, backed by the Public Investment Fund (PIF), plans to close the planned Series A funding round during the first quarter of 2026, CEO Eze Szafir told Bloomberg.

The top executive added that the potential funding will support the bank’s efforts to expand services to small and medium enterprises (SMEs), aligning with Saudi Arabia’s broader economic diversification strategy under Vision 2030.

“We are 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 [Financial],” Szafir was quoted as saying.

On his part, CFO Mohammed Nazer said D360 Bank is expected to appoint advisers to manage the Series A round by the end of July.

According to data available with Argaam, in December 2024, the Saudi Central Bank (SAMA) issued its no-objection for D360 Bank to commence its banking operations in the Kingdom.

In February 2022, the Saudi Cabinet gave the go-ahead for Minister of Finance, Mohammed Al-Jadaan, to license D360 Bank.

Capitalized at SAR 1.65 billion, D360 Bank is a local digital bank that was founded by a consortium of institutional and retail investors. It is backed by PIF and led by Derayah Financial Co.