Saudi Fintech Muhlah Raises $7.5M Seed to Expand Microfinance

Abdulaziz AlRammah, Muhlah Founder & CEO

Muhlah Zamaniyah for Finance, operating under the brand Muhlah, a Saudi fintech-enabled consumer microfinance company licensed by the Saudi Central Bank (SAMA), announced the closing of its Seed investment round totalling SAR 28.25 million ($7.5 million).

The round was led by BIM Ventures and SBI Group, a Japanese financial conglomerate, with participation from AlSuhaimi Holding Group and Fakhr Investment Holding Company. Muhlah is a venture-studio spinoff from BIM Ventures, established to deliver regulated, scalable financing solutions supported by strong governance and compliance.

This round reflects the growing attractiveness of Saudi Arabia to foreign capital within a well-regulated financial sector. The participation of SBI Group represents foreign direct investment supporting Muhlah’s expansion and accelerating its ability to deliver Shariah-compliant financing solutions, building on the strategic partnership between BIM Ventures and SBI.

Muhlah intends to progressively expand its financing capacity through Shariah-compliant structures, including off-balance-sheet and partner-backed arrangements. The company intends to explore additional funding channels and international partnerships to support the company’s growth, subject to market conditions and further agreements.

In a statement, SBI Group said:

“The shareholders, BIM and SBI Group, entered into the memorandum of understanding in May 2024, under the support of the Ministry of Investment (MISA), regarding a strategic business alliance that includes the joint establishment and management of investment funds. This transaction represents one of the concrete initiatives undertaken pursuant to that alliance.”

Mohamed Amine Merah, Managing Partner & CEO, BIM Ventures, said:

“From inception, Muhlah was designed to bridge local market expertise with global financial depth. Our partnership with SBI Group, one of Asia's largest financial conglomerates, brings a unique combination of fintech know-how and access to Japanese and international capital markets into Saudi Arabia's consumer finance sector. This round reflects what the BIM-SBI alliance was built to achieve: creating investable, regulation-ready platforms that attract world-class partners to the Kingdom.”

Abdulaziz AlRammah, Chief Executive Officer of Muhlah, will lead the company’s next phase of growth, focused on expanding access to Shariah-compliant consumer microfinance through responsible products that strengthen transparency, affordability, and sustainable repayment outcomes.