D360 shareholders approve 38.89% capital increase to SAR 2.9B

D360 Bank, the digital banking unit of Derayah Financial Co., said its shareholders approved a capital increase of 38.89%, lifting the bank's capital from SAR 2.1 billion to SAR 2.9 billion.

The bank plans to use the proceeds to fund the next phase of growth, it said in a statement. D360 operates as a Saudi digital lender, a segment that has been expanding rapidly as the kingdom pushes financial-sector modernization.

The capital injection gives D360 more room to lend, invest in technology, and meet regulatory capital requirements. Saudi Arabia's digital banks have been competing for market share against traditional lenders, and a bigger capital base can support faster loan book expansion and product development.

Derayah Financial, the parent, is a listed financial services firm with brokerage, asset management, and now digital banking operations. D360 received its banking license in 2022 and has been building out its retail and corporate offerings.

The approval came at an extraordinary general meeting. No further details on the growth plan were disclosed.