{"id":89382,"date":"2024-09-05T00:00:00","date_gmt":"2024-09-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/05\/al-rajhi-bank-acquires-majority-stake-in-fintech-startup-drahim\/"},"modified":"2024-09-05T00:00:00","modified_gmt":"2024-09-05T00:00:00","slug":"al-rajhi-bank-acquires-majority-stake-in-fintech-startup-drahim","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/05\/al-rajhi-bank-acquires-majority-stake-in-fintech-startup-drahim\/","title":{"rendered":"Al Rajhi Bank acquires majority stake in fintech startup Drahim"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">M&A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong><a target=\"_blank\" href=\"https:\/\/www.alrajhibank.com.sa\/en\/\" style=\"\" rel=\"noopener\">Al Rajhi Bank<\/a><\/strong><strong> has acquired a 65% stake in homegrown fintech startup<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/drahim.sa\/\" style=\"\" rel=\"noopener\">Drahim<\/a><\/strong> for an undisclosed sum, according to <a target=\"_blank\" href=\"https:\/\/www.alrajhibank.com.sa\/en\/About-alrajhi-bank\/Media-Center\/2024\/Drahim\" style=\"\" rel=\"noopener\">a statement<\/a> from the lender. The investment will be used to improve existing products used by retail and institutional customers. The acquisition follows a Y-Combinator-led seed funding round, and a pre-seed round led by Sabil Investments. The transaction is aligned with the lender\u2019s ambition to \u201cbe a preferred partner for emerging companies in the fast-growing fintech sector,\u201dsaid Waleed Al Mogbel, managing director and CEO of Al Rajhi Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meet Drahim:<\/strong> Established in 2021, Drahim is a personal budget app that connects to users\u2019 bank accounts. The app analyzes daily transactions, including sales, transfers, and receivables, and generates a detailed report on spending habits, upcoming bills, and frequently used transactions. Based on this analysis, Drahim\u2019s AI engine offers a customized, low-risk auto-investing plan in stocks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alistithmar Capital\u2019s Areic REIT Diversified Investment Fund made its debut on Tadawul\u2019s <\/strong><strong>main market yesterday<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details\/!ut\/p\/z1\/vVJNc4IwEP0r9tBjJivfHOkX6mAVERQuTITUpoWAmpb-_AbtQR0_2ktzyOzLvM3b3bc4wXOccPLJlkSwipNC4jgxUt0xQOlZMHKnXhf8yPSsyJ92oa_hCCc4ybioxSuOBclJ81GklN_ChqAfuI3rNcvohvCc8ZzKaPvIabMLSrJ-p2IHM7EHUadgG8H4sgMKAhspoGitYlFlpKA4prxFdcZyHFu2btpdNUeaoreXDWiRAaCMKLAgmkkVzcCzw4asoWuA_-z4I8XUwY0AJ5f7PcqHYKyD_zQeqh5MwAXjd_lw5jhX9QPZcSz_MM-SHCnyyWiDQ16tS-lh8McRSfbsfpj64eNEKu1Nugd4cK0-uTDsbbVKHLkVFRf0S-D5P63FrK18v7qRY5vSnMGd2_cc1TLMY8IJ9w8JJ-zdEi74V5elpZYoDOdNM6Vx-uC9BH3m3HwDZaB9qA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?locale=en\" style=\"\" rel=\"noopener\">a Tadawul announcement<\/a>. The fund\u2019s shares will be allowed to trade within a \u00b130% range for the first three days before being capped at no more than 10% up or down when circuit breakers kick in. All shares on Tadawul are subject to the 10% up-or-down rule.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fund is a closed-end real estate fund focused on investing in income-generating<\/strong> <strong>properties both within and outside the Kingdom<\/strong>, according to its IPO <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/369.pdf\" style=\"\" rel=\"noopener\">prospectus (pdf)<\/a>. Its target size is SAR 1.2 bn, with an expected raise of approximately SAR 185 mn from the offering at SAR 10 per unit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Digitizing KYC processes for banking transactions: <\/strong>The Interior Ministry has rolled out a fresh digital identity services system that links financial institutions with the ministry\u2019s e-services platform <a target=\"_blank\" href=\"https:\/\/www.absher.sa\/portal\/landing.html\" style=\"\" rel=\"noopener\">Absher<\/a>, in a bid to enhance transaction security, safeguard customers\u2019 personal data, and prevent fraud, the ministry said in <a target=\"_blank\" href=\"https:\/\/www.moi.gov.sa\/wps\/portal\/!ut\/p\/z0\/fY49D4IwEIb_ShdGcgc0JIwd_EBNTHQQuzRNbaAqrWAD_nxb3F0ud8_75PIChwa4lZNppTfOyme4r7wUWFO6zWi-PxZshaxcH6pThVmdIZzlCDvg_6XwxdyHgTPgylmvPx6a3hlyM7O0Cca1c70mS2g9kWOCESRo9fz-zQBVZya96CISgUWKVZpjTpUINV6PzeUL1rcBBw!!\/\" style=\"\" rel=\"noopener\">a statement<\/a>. The new system allows individuals to easily verify their identities online in order to complete their financial transactions with ease.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> FINTECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Lendo + Kafalah:<\/strong> Peer-to-peer digital lending marketplace <a target=\"_blank\" href=\"https:\/\/lendo.sa\/en\" style=\"\" rel=\"noopener\">Lendo<\/a> inked an agreement with the Small and Medium Enterprises Loan Guarantee Program (Kafalah) to boost MSME crowdfunding, it said in a <a target=\"_blank\" href=\"https:\/\/x.com\/Kafalah\/status\/1831280162110926851\/photo\/1\" style=\"\" rel=\"noopener\">post on X<\/a>. The agreement will see the two entities provide SAR 250 mn worth of guarantees on crowdfunding platforms. Kafalah, a program managed by the Saudi Industrial Development Fund and local lenders, provides guarantees to financiers, assisting MSMEs and entrepreneurs in securing the necessary financing to develop their activities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- India-based low-code digitalization provider <\/strong><strong><a target=\"_blank\" href=\"https:\/\/newgensoft.com\/\" style=\"\" rel=\"noopener\">Newgen Software Technologies<\/a><\/strong><strong> has<\/strong> <strong>launched its end-to-end trade finance platform in the Middle East, <\/strong>according to a company <a target=\"_blank\" href=\"https:\/\/www.newsvoir.ae\/release\/newgen-software-launches-world-apos-s-first-low-code-end-to-end-trade-finance-platform-in-middle-east-2202.html\" style=\"\" rel=\"noopener\">statement<\/a>. The company \u2014 which opened an office in Riyadh last year \u2014 claims that its AI-powered system can be used by financial institutions to digitize their legacy systems, and streamline trade finance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rent now, pay later: <\/strong>Proptech player <a target=\"_blank\" href=\"https:\/\/rize.sa\/en\/\" style=\"\" rel=\"noopener\">Rize<\/a> has secured Shariah certification from the <a target=\"_blank\" href=\"https:\/\/shariyah.net\/\" style=\"\" rel=\"noopener\">Shariyah<\/a><a target=\"_blank\" href=\"https:\/\/shariyah.net\/\" style=\"\" rel=\"noopener\">Review Bureau<\/a> for its new financial model, which allows tenants to pay annual rent in monthly installments while providing landlords with upfront payment, according to a <a target=\"_blank\" href=\"https:\/\/shariyah.net\/rize-receives-sharia-certification-for-its-rent-payment-solution\/\" style=\"\" rel=\"noopener\">statement<\/a>. The company claims that this model enhances housing affordability and accessibility, and aligns with Islamic finance principles. No further information was provided.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">VENTURE CAPITAL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Awwal Bank\u2019s investment arm, SAB Invest, launched its inaugural private venture<\/strong><strong> capital fund X-tech<\/strong> in a bid to support early- and growth-stage tech startups, according to <a target=\"_blank\" href=\"https:\/\/www.sabinvest.com\/en\/announcements\/ex-tech-fund\" style=\"\" rel=\"noopener\">a statement<\/a>. The fund will offer financial backing, advisory services, and access to SAB Invest\u2019s network.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HEALTHCARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/almoosahealthgroup.org\/\" style=\"\" rel=\"noopener\">Almoosa Health Group<\/a><\/strong><strong> launched<\/strong> <strong>the Rafa Mental Health Centre at Almoosa Rehabilitation <\/strong><strong>Hospital<\/strong> in the Eastern Province, according to <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/almoosa-health-opens-eastern-provinces-first-comprehensive-mental-health-centre-nnew0xsr\" style=\"\" rel=\"noopener\">a press release<\/a>. The center looks to \u201caddress the rising demand for mental health services\u201d and help improve the quality of life for patients in need of these services. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> FINANCIAL SERVICES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.applus.com.sa\/\" style=\"\" rel=\"noopener\">Authorized Policy Ins. Brokers<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ace-gallagherbrokers.com\/service\/\" style=\"\" rel=\"noopener\">Ace Gallagher Ins. Brokers<\/a><\/strong><strong> obtained licenses to<\/strong><strong> operate as electronic ins. brokers,<\/strong> according to <a target=\"_blank\" href=\"https:\/\/x.com\/IA_GOV\/status\/1831278534767100004\" style=\"\" rel=\"noopener\">a post on X<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The investment will be used to enhance Drahim\u2019s existing products<\/p>\n","protected":false},"author":1,"featured_media":89383,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[54,19,2419,10,208,14,106,5],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banking","tag-capital-markets","tag-enterpriseam-ksa","tag-fintech","tag-ma-watch","tag-real-estate","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"7ec45a9c-5f65-49bf-a7f0-2ba89806c228","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1191.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Al Rajhi Bank acquires majority stake in fintech startup Drahim","related_issue":[89365],"teaser":"The investment will be used to enhance Drahim\u2019s existing products","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.3c8de413-3556-4e1a-acd1-94274bacd80b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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