Al Rajhi Bank has acquired a 65% stake in Drahim, a Saudi-based digital financial platform. The deal represents the first time a Saudi bank has taken a majority ownership position in a local fintech startup.
The acquisition gives Al Rajhi direct access to Drahim's open banking application programming interfaces and robo-advisory capabilities.
Separately, Al Rajhi had already fully acquired Ejada Systems Company Ltd, an IT services firm, in 2022.