D360 Bank, a Shariah-compliant digital bank based in Saudi Arabia, has announced that it has welcomed over one million customers within just four months of its official launch. This achievement sets a new global standard for digital banking adoption, demonstrating the increasing demand for efficient and secure digital financial solutions in the region.

Since its inception, customers of D360 Bank have completed more than 51 million transactions across over 100 countries, with the total transaction volume surpassing SAR 50 billion (USD 13.3 billion). This rapid growth has been supported by the Public Investment Fund (PIF), Derayah Financial, and various prominent investors and financial experts, reinforcing the bank’s position as a leader in digital banking in Saudi Arabia.

Mr. Taha Abdullah Al-Kuwaiz, Chairman of D360 Bank, expressed his pride in reaching this significant milestone, noting that it reflects the trust customers and partners have placed in the bank. He emphasized that the bank’s mission is to lead in financial innovation, promote inclusion, and help achieve the goals of Vision 2030 by providing modern, Shariah-compliant services at scale.

D360 Bank offers an easy digital banking experience, allowing customers to open accounts in just two minutes and access tailored financial services that cater to their specific needs. With an integrated digital banking model driven by advanced financial technologies, customers can manage their finances anytime and anywhere. The D360 Bank app provides users with the ability to make quick, fee-free international payments, pay bills, and transfer money securely and transparently.

Additionally, the bank has launched essential services such as Banking-as-a-Service (BaaS) infrastructure, which is now operational with three external clients, and the Sanabil Savings Account, which is the first Shariah-compliant savings product in Saudi Arabia that calculates and deposits profits daily, offering expected annual returns of up to 2%.

Eze Szafir, CEO of D360 Bank, remarked on the clear growth trajectory of the bank and the readiness of Saudi consumers for a seamless, digital-first banking experience. He highlighted that the bank has developed the necessary infrastructure to scale securely and in compliance with regulatory standards, stating, “This is just the beginning.”

Furthermore, Szafir noted that customers have collectively saved SAR 66 million (USD 17.6 million) in foreign exchange spreads and SAR 81 million (USD 21.6 million) in local and international transfer fees compared to traditional banking options.

Saudi Arabia is at the forefront of financial innovation, with a burgeoning digital banking ecosystem that is enhancing access to traditional financial services, improving financial inclusion, and bolstering the competitiveness of the Saudi economy in alignment with the Financial Sector Development Program. In 2024, digital transactions accounted for 79% of retail transactions in the Kingdom, reflecting a significant shift towards a cashless society. The fintech sector is projected to contribute SAR 13.3 billion (USD 3.5 billion) to the GDP by 2030, supported by a solid technological infrastructure and a regulatory framework that fosters innovation and investment.

About D360 Bank: D360 Bank is a fully Saudi digital and Shariah-compliant bank, supported by PIF, Derayah Financial, and several well-known investors and financial experts. The bank aims to provide inclusive, Shariah-compliant financial services to retail customers by utilizing advanced technology and data, while fully adhering to local regulations. With a team of experienced local and international professionals, D360 Bank strives to enhance access to credit, improve financial inclusion, and contribute to Saudi Arabia’s economic growth in line with Vision 2030.