Saudi fintech startup Muhlah has secured SAR 28.25 million ($7.5 million) in seed funding to expand its Shariah-compliant consumer microfinance services in the Kingdom.
The investment round was led by BIM Ventures and Japan’s SBI Group, with additional participation from AlSuhaimi Holding Group and Fakhr Investment Holding Company.
Operating under the legal entity Muhlah Zamaniyah for Finance, the company is licensed by the Saudi Central Bank (SAMA) and focuses on delivering regulated, technology-enabled microfinance products designed for Saudi consumers.
Muhlah originated as a venture studio spin-off from BIM Ventures, built to provide scalable financing solutions backed by strong governance, regulatory compliance, and modern fintech infrastructure.
Growing Global Interest in Saudi Fintech
The participation of SBI Group, one of Asia’s largest financial conglomerates, signals growing international investor interest in Saudi Arabia’s financial sector. The investment also represents a form of foreign direct investment into the Kingdom’s fintech ecosystem, reinforcing Saudi Arabia’s position as a rapidly developing financial innovation hub.
Muhlah plans to use the new capital to expand its financing capacity through Shariah-compliant structures, including off-balance-sheet financing models and strategic partnerships with institutional capital providers.
The company is also exploring additional funding channels and international collaborations to accelerate its growth in the Saudi consumer finance market.
Strategic Alliance Between BIM Ventures and SBI
The investment builds on a broader strategic partnership between BIM Ventures and SBI Group. The two firms signed a memorandum of understanding in May 2024, supported by Saudi Arabia’s Ministry of Investment (MISA), to collaborate on the establishment and management of investment funds.
According to SBI Group, the Muhlah investment represents one of the first tangible initiatives resulting from that alliance.
Expanding Access to Responsible Microfinance
Muhlah’s next phase of growth will be led by CEO Abdulaziz AlRammah, who will focus on expanding access to transparent and responsible Shariah-compliant consumer financing.
The company aims to build financing products that emphasize affordability, transparency, and sustainable repayment structures, helping broaden access to financial services for underserved segments of the Saudi population.
Meanwhile, Mohamed Amine Merah, Managing Partner and CEO of BIM Ventures, highlighted that the partnership with SBI combines regional market expertise with international financial depth, enabling the creation of fintech platforms capable of attracting global capital to Saudi Arabia.
