Saudi Central Bank approves two new Fintech companies


Saudi Arabian Central Bank (SAMA) recently approved two new FinTech companies bringing the total number of regulated companies in the Kingdom of Saudi Arabia to 38.

The two new enterprises - Lean Technologies and Mod5r - will provide open banking solutions and will operate under SAMAs Regulatory Sandbox, part of the Financial Sector Development Program (FSDP). The prominent FSDP is an ambitious program that aims to promote and support economic growth, savings and investment activity as well as financial inclusion in line with the Vision 2030.

In further positive news, SAMA approved the licensing of a third digital bank - D360 Bank - with a capital of SAR 1.65 billion (USD 440 million). The Public Investment Fund (PIF), the country’s sovereign wealth fund, is among the investors of the new lender. The two other digital banks, STC Bank and Saudi Digital Bank were licensed last year.

Another important milestone for the ecosystem is the closure of the latest round of financing or funding by Tamara which raised SAR 375 million (USD 100 million). The buy now pay later (BNPL) provider has secured total funding of SAR 810 million (USD 216 million) since inception through a combination of equity and debt. BNPL as a mode of payment is rising in popularity among consumers in the region and beyond.

The most recent round was led by Riyadh based investment firm Sanabil Investments, a portfolio company of Saudi Arabia's PIF, with participation from Abu Dhabi based venture capital firm Shorooq Partners, as well as Coatue and Endeavor Catalyst.

Tamara was launched in September 2020 and has attracted three million customers and over 4,000 partner merchants, including major brands like Ikea, Adidas and Namshi, so far. According to a survey by, over 50% of respondents across the region are expected to use BNPL this year.

Business Start Up Saudi Arabia offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Saudi Arabia, Saudi Arabia Business Case, Saudi Arabia Business Model Development, Feasibility Study and Business Plan Saudi Arabia, Organizational and Operational Structuring Saudi Arabia, Saudi Arabia Sponsorship and Partnership, Company Formation Saudi Arabia among others.

Please click on the link to learn more about opportunities and possibilities in the Kingdom of Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.

Other News

BSUS News 30 - Thumb

Saudi and IBM developing AI in several Arabic dialects

Saudi Arabia and IBM have joined hands to pioneer a transformative project - a generative AI programme designed to embrace the rich tapestry of Arabic dialects.

This innovative venture, spearheaded...

Read more
BSUS News 29 - Thumb

Saudi Arabia to welcome European Chamber of Commerce

Saudi Arabia will see the first European Chamber of Commerce in the Gulf region open in Riyadh, according to the EU’s special representative for the Gulf region.

The inaugural European Chamber of...

Read more
BSUS News 28 - Thumb

Saudi Arabia's non-oil activity increasing in line with Vision 30

Saudi Arabia's non-oil business activity grew at a steady rate in April according to a recently published survey with domestic demand driving output.

The seasonally adjusted Riyad Bank...

Read more
BSUS News 27 - Thumb

Saudi Arabia attracting GCC companies to lucrative opportunities

Saudi Arabia is attracting an influx of companies from across the Gulf Cooperation Council (GCC) due to burgeoning prospects and transformative development sweeping through the Kingdom.

Moreover, the...

Read more
BSUS News 26 - Thumb

Saudi sovereign wealth fund holds SAR 3.5 trillion in assets

Saudi Arabia’s Public Investment Fund (PIF) has enjoyed a 55 percent increase in assets under management and is now valued at SAR 3.49 trillion (USD 925 billion).

According to figures from the US...

Read more
BSUS News 25 - Thumb

Saudi Arabia waives customs duties to boost industrial sector

Saudi`s Ministry of Industry and Mineral Resources has announced that customs duties on selected manufacturing products will be waived from April 1.

The decision aims to help businesses with valid import...

Read more
BSUS News 24 - Thumb

Saudi CEO`s forecast business optimism and economic growth

Saudi Arabian Chief Executive Officers have shown unprecedented optimism for the economic growth prospects of the Kingdom over the next year.

According to a study by Price Waterhouse Coopers (PWC)...

Read more
BSUS News 23 - Thumb

Saudi Arabia to add 250,000 hotel rooms, revises tourist targets

Saudi Arabia plans to add 250,000 hotel rooms by 2030 according to the Kingdom’s Ministry of Tourism, with 75,000 to be contracted to the private sector. Meanwhile, approximately 12 resorts on the Red...

Read more

Page Break