Al Rajhi Bank announced its financial results for the second quarter of 2024, revealing that it acquired a 65% stake in “Darahem,” a Saudi fintech company. The acquisition took place in June 2024, without disclosing the value of the deal.
Founded in 2021, Darahem quickly gained recognition through its participation in Y Combinator’s Summer 2022 program and the Sanabil 500 MENA Seed Accelerator. The company also obtained licenses for open banking services and robo-advisory from the Saudi Central Bank, solidifying its position as a key player in the Kingdom’s fintech market.
This acquisition is a strategic move for Al Rajhi Bank, aiming to expand its digital services and strengthen its presence in the growing fintech sector.
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