Saudi Arabia-based fintech Muhlah has successfully closed a SAR 28.25 million ($7.5 million) seed funding round. The investment was co-led by local venture builder BIM Ventures and Japanese financial conglomerate SBI Group, with further participation from AlSuhaimi Holding Group and Fakhr Investment Holding Company.
Strategic Backing From Local and Global Players
The funding round highlights growing international confidence in the Kingdom’s regulated financial sector. The participation of SBI Group represents a significant foreign direct investment, stemming from a strategic business alliance established with BIM Ventures in May 2024 to jointly establish and manage investment funds with the support of the Ministry of Investment (MISA).
Muhlah itself is a venture-studio spinoff from BIM Ventures, created to deliver scalable, regulated financing solutions underpinned by robust governance and compliance.
Mohamed Amine Merah, Managing Partner & CEO of BIM Ventures, commented on the partnership, stating, “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.”
Scaling Shariah-Compliant Microfinance
The capital injection is earmarked for expanding Muhlah’s financing capacity and developing new Shariah-compliant funding structures. The company plans to scale its consumer finance offerings across Saudi Arabia, focusing on responsible products that promote transparency, affordability, and sustainable repayment practices.
Under the leadership of CEO Abdulaziz AlRammah, Muhlah will progressively grow its financing capabilities through off-balance-sheet and partner-backed arrangements, while exploring further funding channels and international partnerships.
An Alliance Fostering Foreign Investment
The investment serves as a concrete outcome of the strategic alliance between BIM Ventures and SBI Group, aimed at creating investable platforms that attract world-class partners to Saudi Arabia.
In a statement, SBI Group confirmed the strategic nature of the deal: “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.”
Merah added, “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.”
About Muhlah
Founded in 2024 by Abdulaziz AlRammah, Muhlah (Muhlah Zamaniyah for Finance) is a Saudi fintech company licensed by the Saudi Central Bank (SAMA). The company provides Shariah-compliant consumer microfinance solutions through a technology-enabled platform focused on transparency, credit discipline, and regulatory compliance.
Source: Wamda
