Riyadh – Arab National Bank (ANB) has reached an agreement with Cashee, a UAE-based tech startup that provides banking services, to acquire equity in the latter.

The Saudi lender however did not disclose the amount of the share it took over nor its value in its press release.

The deal comes in line with ANB's efforts to enhance its banking services that target younger generations and broaden the scope of financial knowledge and inclusion. It will also help Cashee to roll out its banking and knowledge solutions, applications, and products in the Saudi market.

Established in 2020 and has its headquarters in Dubai, Cashee aims to boost financial inclusion for the youth in the MENA region.

Aiedh Al Zahrani, ANB’s COO and Head of Retail Banking Group, noted: “The partnership between ANB and Cashee aims to develop the first banking application of its kind in Saudi Arabia that promotes the financial culture amongst Saudi youth, in a way that will encourage savings, financial literacy, and other worthwhile goals, as a contribution from the bank to achieving one of the primary goals of Vision 2030.”

In the first half (H1) of 2022, ANB recorded a 28.76% growth in net profit to SAR 1.35 billion, compared to SAR 1.05 billion during the same period a year earlier.

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