Saudi Fintech Startup Muhlah Raises $7.5M Seed Round to Expand Shariah-Compliant Consumer Finance Across The Kingdom

Saudi fintech startup Muhlah has closed a $7.5 million seed funding round (SAR 28.25 million) to scale its Shariah‑compliant consumer microfinance platform across the Kingdom. The round was led by BIM Ventures and Japan’s SBI Group, with significant participation from AlSuhaimi Holding Group and Fakhr Investment Holding Company. Founded in 2024 and licensed by the Saudi Central Bank (SAMA) to operate in the consumer finance sector, Muhlah says the injection will expand its financing capacity and deepen its technology‑driven approach to compliant, transparent lending.

"the inception of Muhlah as a means to marry local insights with global financial depth, drawing world-class partnerships into Saudi Arabia’s burgeoning consumer finance market," said Mohamed Amine Merah, Managing Partner & CEO of BIM Ventures.

Context and details

Muhlah was founded by Abdulaziz AlRammah in 2024 with a stated mission to deliver microfinance solutions that adhere to Shariah principles while promoting credit discipline and regulatory alignment. The company operates under a SAMA licence, positioning it to serve consumers with products built around affordability, transparency and sustainable repayment models.

• Lead investors: BIM Ventures and SBI Group
• Other participants: AlSuhaimi Holding Group and Fakhr Investment Holding Company
• Funding size: $7.5 million (SAR 28.25 million)

The financing will support Muhlah’s technical and operational expansion, including the development of Shariah‑compliant financing structures. Company plans cited in the round announcement include the use of off‑balance‑sheet mechanisms and collaborative arrangements with partners to grow lending capacity without compromising regulatory compliance. Muhlah’s model aims to combine local market insight with international financial expertise — a strategy reflected in the strategic partnership between BIM Ventures and SBI Group.

SBI Group framed its investment as an extension of a broader strategic business alliance with BIM Ventures formed under the aegis of Saudi Arabia’s Ministry of Investment. According to the announcement, the collaboration with BIM is intended to establish investment funds and facilitate avenues for joint ventures in the Kingdom, leveraging SBI’s presence in Asian capital markets to support scalable financial solutions in Saudi Arabia.

Outlook

With the new capital, Muhlah plans to explore additional funding channels and pursue international partnerships to broaden its product offering across the Kingdom. CEO Abdulaziz AlRammah, who remains focused on enhancing access to Shariah‑compliant microfinance, intends to use the seed round to expand the company’s reach while maintaining a technology‑first emphasis on compliance and transparency.

The round underscores growing foreign investor interest in Saudi fintech and highlights a model that blends local regulatory alignment with global capital and partnerships. Muhlah will now seek to translate the seed financing into increased lending capacity, new distribution arrangements and further product development aimed at underserved consumer segments across Saudi Arabia.