Drahim

Name: Drahim
Brand: Drahim
SKU: 6409f7e3f1478e26e7cb0f36
Rating: 4.1 (436 reviews)

Overview of Drahim Software Company

Drahim is a Saudi-based fintech company that offers a personal finance management and automated investment app. The name "Drahim" is derived from the ancient Greek "Drachma," which translates to money in Arabic slang. The company aims to transform how people in Saudi Arabia and the Middle East perceive and manage their money through innovative financial technology solutions.

Founding and Growth

Founded in August 2021 by Sultan Alkhayal and Yasser Alshurihi
Headquartered in Riyadh, Saudi Arabia
Rapidly grew to become one of the fastest-growing fintech companies in the region
Obtained authorizations from the Saudi Central Bank for open banking services and from the Capital Market Authority for automated investment advisory services

Funding and Valuation

Completed a pre-seed round led by Sanabil Investments via the 500 Fund
Secured a seed round led by Y Combinator, a renowned business accelerator
In 2024, Al Rajhi Bank acquired a 65% stake in Drahim, marking the first acquisition of its kind in the region where a Saudi bank secured a majority stake in a local fintech startup
While exact valuation figures are not provided, the Al Rajhi Bank acquisition suggests a significant valuation for the company

Personal Finance Management:

Bank account consolidation
Real-time expense tracking
Automated transaction categorization
Spending pattern analysis

Automated Investment Services:

Robo-advisory services
Goal-based investment automation
Diversified investment options (stocks, real estate, bonds)
Access to both Saudi and U.S. markets

Open Banking Integration:

Seamless integration with Saudi Arabian banks
Holistic view of financial transactions

External Portfolio Monitoring:

Ability to link and monitor external investment portfolios

Acquisitions and Product Expansion

The most significant development is Al Rajhi Bank's acquisition of a 65% stake in Drahim in 2024
This acquisition is expected to enhance Drahim's product offerings and market presence
Partnerships with Derayah Financial, Musharaka Capital, and Jadwa Investment to offer new investment funds and portfolios

Drahim AI and New Features

Recent updates to the Drahim app include:

Ability to edit and add transactions on open banking accounts
Improved merchant page in financial reports
Enhanced emoji selection process for budget categories
Export of transactions in CSV format
Support for sending PDF files in customer support conversations
Improved investment deposit interface

Company Culture and Values

Commitment to innovation and quality in app development and service
Focus on empowering Saudi Arabian investors to take control of their finances
Emphasis on contributing to Saudi Vision 2030 and the Financial Sector Development Program
Dedication to user feedback and continuous improvement

User Base and Community

Targets individual investors in Saudi Arabia and the broader Middle East region
Aims to become the leading platform for investment and savings services in the region
Focuses on enhancing daily banking experiences, savings, and retirement planning
Rapidly growing user base, though specific numbers are not provided in the search results

Drahim

Claim Your Profile

Alternatives

Categories Associated