Muhlah raises 7.5 million dollars in seed funding led by BIM Ventures and SBI Group
Saudi fintech startup Muhlah has secured $7.5 million in seed funding to accelerate the growth of its Shariah-compliant consumer microfinance services in Saudi Arabia.
The round was led by BIM Ventures and Japan-based SBI Group, with additional participation from Al-Suhaimi Holding Group and Fakhr Investment Holding. Muhlah is one of the startups developed through the venture studio model of BIM Ventures, focusing on building scalable and structured financing solutions supported by strong governance and regulatory compliance.
Operating under a license from the Saudi Central Bank (SAMA), Muhlah provides fintech-powered consumer microfinance services. The company specializes in small-ticket financing products that comply with Islamic finance principles, offering individuals accessible funding options aligned with Shariah guidelines.
Foreign investment in Saudi fintech
The funding reflects the growing appeal of Saudi Arabia’s regulated fintech sector to international investors. The participation of SBI Group represents direct foreign investment that will support Muhlah’s expansion and accelerate the development of Shariah-compliant microfinance solutions.
The investment also builds on a strategic partnership between BIM Ventures and SBI Group, announced in May 2024 with the support of the Ministry of Investment of Saudi Arabia (MISA). The collaboration focuses on establishing joint ventures and managing investment funds to support startup growth and financial innovation in the Kingdom.
Yoshitaka Kitao, Representative Director, Chairman, President and CEO of SBI Group, said the partnership between the two organizations includes a strategic business alliance covering joint venture creation and investment fund management, describing the Muhlah deal as one of the tangible initiatives resulting from that agreement.
Expansion plans
Following the new funding, Muhlah plans to expand its financing capacity through Shariah-compliant structures, including off-balance-sheet funding arrangements and partner-supported financing models. The company is also exploring additional funding channels and international partnerships to support its next phase of growth.
Mohammed Amin Marah, Managing Partner and CEO of BIM Ventures, highlighted that the collaboration with SBI Group combines local market expertise with global financial depth, bringing fintech experience and access to Japanese and international capital markets to Saudi Arabia’s consumer finance sector.
The next stage of the company’s growth will be led by CEO Abdulaziz Al-Ramah, with a focus on expanding access to responsible Shariah-compliant microfinance products that enhance transparency, financial suitability, and sustainable repayment practices.
