Backed by STC and SAMA, STC Bank Begins Full Banking operations following major Capital Boost

Riyadh — April 2025

In a landmark move set to reshape the future of digital finance in Saudi Arabia, STC Bank has secured a substantial $800 million capital increase—officially marking its evolution from a leading digital wallet into a fully licensed digital bank.

Backed by Saudi Telecom (STC Group), the bank’s expansion reflects not only the growing maturity of the Kingdom’s fintech sector but also the confidence investors and regulators have in the country's digital future. This development comes at a pivotal time as Saudi Arabia continues to accelerate economic diversification and digital innovation under Vision 2030.

Founded in 2018 as STC Pay, the platform quickly rose to become the region’s largest digital wallet, serving over 12 million users. With a strategic $200 million investment from Western Union in 2020, STC Pay reached unicorn status—laying the foundation for what has now become a new chapter: STC Bank.

“STC Bank’s transformation represents the spirit of Vision 2030 in action—where innovation, inclusion, and ambition are driving sustainable growth,” said an STC Group representative.

A Strategic Move Aligned with Vision 2030

This announcement reinforces Saudi Arabia’s position as a fintech leader in the region. The Kingdom’s roadmap includes increasing household savings rates, boosting SME contributions to GDP, and ensuring that 70% of all transactions become non-cash by 2030. STC Bank is now a major enabler of these goals.

Key milestones in the Saudi fintech journey:

• The number of fintech companies has surged from under 20 in 2018 to over 200 in 2024.
• Digital wallet usage has skyrocketed, growing 70-fold over five years.
• A bold target: reaching over 525 fintech companies by 2030.

What This Means for the Market

STC Bank’s new offerings include Sharia-compliant loans, investment products, expense-tracking tools, and secure money transfers—all built on a user-first digital experience.

This signals a new standard in digital banking: where convenience meets compliance, and innovation meets trust.

“Digital banking is no longer a trend—it’s the future. And STC Bank is making sure that future is built for everyone,” said Ameer Albahouth, CEO of Arbaaa Marketing.

A Global Signal from the Heart of the Kingdom

This isn’t just a milestone for STC Bank. It’s a message to the world that Saudi Arabia is boldly investing in the industries of tomorrow. With strong public-private partnerships and a clear regulatory framework, the Kingdom is nurturing a fintech environment that is inclusive, competitive, and globally relevant.

As Saudi consumers—especially the youth—demand smarter, faster, and more personal financial experiences, STC Bank stands ready to lead with purpose, powered by technology and trust.

The future of banking in Saudi Arabia is digital and it’s already underway.