stc pay

What stc pay does

stc pay, now operating as STC Bank, is a Saudi Arabia-based digital banking platform and a majority-owned subsidiary of STC (Saudi Telecom Company), the Kingdom's largest telecommunications operator. Founded in 2018, the company was the first fintech licensed by the Saudi Central Bank (SAMA) under Cabinet Decision No. 671 dated 22/06/2021 and became the first fintech unicorn in Saudi Arabia and the broader Middle East after Western Union's $200 million investment for a 15% stake in 2021, valuing the business at $1.3 billion. In April 2023 the company received SAMA approval to transition from a mobile wallet into a full digital bank and rebranded as STC Bank.

The platform is built mobile-first on iOS, Android, and Huawei AppGallery and integrates with Saudi national payment infrastructure including SARIE and MADA, as well as Visa for international card acceptance. Core products span consumer banking (prepaid and Visa Platinum/Signature credit cards, Smart Saver savings, fixed deposits, Shariah-compliant personal and smart financing), money transfer and expense management (contact transfers, group expense splitting, Qattah spending analysis), and merchant services (business accounts, POS terminals, e-commerce integration, plus POS, capex, and working-capital financing). An in-app marketplace distributes digital gift cards and stored-value products. The company holds approximately $806 million in customer deposits and reports 12 million users as of Q1 2023.

The business model is primarily transaction-fee driven (payments, transfers, gift cards and stored value) augmented by float income on $806 million in customer deposits and nascent interest/fee income from credit, savings, and SMB lending products. Distribution leverages parent STC's brand and telco customer base, app-store channels, and merchant partnerships (e.g., Alrifai, Maestro Pizza). Geographic operations are currently concentrated in Saudi Arabia, with the CEO announcing expansion plans into Kuwait, Syria, Jordan, and Oman in October 2025, alongside a strategic partnership with ARP Digital to develop regulated stablecoin infrastructure for GCC cross-border settlement.

Name

stc pay

Legal name

STC Bank (بنك إس.تي.سي)

Website

https://stcpay.com.sa

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

stc pay (now STC Bank) is a Saudi Arabia-based, SAMA-licensed digital bank and STC telecom subsidiary offering mobile-first consumer banking, cards, savings, financing, and merchant payment services to 12 million users, and the first fintech unicorn in the Middle East.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

Finance Services (6199)

akta.pro primary industry

Digital Banking & Neobank Platforms (BPAMAFAD)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), General Purpose Credit Cards (FSAKABAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Digital banking services
• Mobile payment platform
• Digital wallet services
• Merchant payment processing
• Consumer lending products

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Digital Payment Transactions: Revenue generated from transaction fees on money transfers, payments, and other financial transactions processed through the platform. The company holds approximately $806 million in customer deposits and processed significant transaction volumes.
2. Digital Gift Cards and Stored Value: Distribution of digital gift cards and account-linked stored value products, competing in the Saudi Arabian gift card market projected to reach $2.87 billion by 2030

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

STC Bank is a SAMA-licensed digital bank providing personal and business banking services through a mobile application. Consumer offerings include prepaid and Visa credit cards, savings accounts, fixed deposits, personal and Shariah-compliant financing, instant money transfers, expense splitting, and spending analysis. Business offerings include merchant accounts, POS terminals, e-commerce payment integration, and dedicated business financing products (POS financing, CapEx financing, and working capital financing).

Product overview

STC Bank (formerly stc pay) operates as a unified digital banking platform offering a comprehensive suite of financial services. The core mobile application provides personal banking features including prepaid and credit cards (Platinum, Signature tiers via Visa), savings products (Smart Saver and Fixed Deposits), personal and smart financing, money transfers, expense splitting, and in-app marketplace shopping. For business customers, the platform offers merchant accounts with POS terminals, e-commerce payment integration, and three specialized financing products (POS financing, capital expenditure financing, and working capital financing). Additional features include secondary accounts, gift cards, and loyalty program integration. The platform evolved from a mobile wallet to a full-scale digital bank following Saudi Central Bank regulatory approval, and supports cross-border transactions through strategic partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• STC Bank Mobile Application Core mobile banking application available on iOS, Android, and Huawei platforms that enables consumers to manage money, transfer funds to contacts, split expenses, track spending, access savings and financing, and use an in-app marketplace.
• Prepaid Cards Prepaid cards enabling users to load funds and make purchases at merchants accepting Mada and Visa, with controls for spending management.
• Credit Cards (Platinum & Signature) Visa-network credit cards in Platinum and Signature tiers, accepted globally, with benefits for travel and everyday purchases.
• Smart Saver Savings Account Digital savings account with automated savings features enabling users to earn returns on deposited funds.
• Fixed Deposit Time deposit product offering guaranteed returns for funds locked over a specified period.
• Personal Financing Shariah-compliant personal loan product for individuals meeting eligibility criteria for personal financial needs.
• Smart Financing Flexible financing solution with smart payment features for personalized repayment schedules.
• Business Account Business banking account providing merchants with access to financial management tools and business services.
• POS Terminals Point-of-sale terminal services for merchants to accept card payments from customers in physical retail locations.
• E-commerce Payment Integration Online payment processing solutions enabling merchants to accept digital payments through integrated e-commerce platforms.
• POS Financing Financing product allowing merchants to borrow against their POS transaction volumes for working capital needs.
• Capital Expenditure Financing Business financing for capital investments enabling companies to fund equipment and asset purchases.
• Working Capital Financing Short-term financing solution for businesses to manage day-to-day operational cash flow requirements.
• Gift Cards Digital stored value cards for corporate gifting, digital entertainment, and gaming use cases, transitioned from physical cards to account-linked digital format.
• STC Wallet Loyalty Integration Loyalty program integration within the digital wallet enabling users to earn and redeem rewards through the national digital payment ecosystem.

Quantifiable outcome

• 12 million registered users representing significant market penetration in Saudi Arabia
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

One partnership is on record.

• ARP DigitalcoreStrategic or Co-development Partner · 15 October 2025ARP Digital, a Bahrain-licensed digital-asset firm, announced a strategic partnership with stc Pay to develop regulated stablecoin infrastructure for cross-border settlement and conversion between digital assets and fiat currencies in the GCC and other regions. This partnership positions stc Pay to offer digital asset services alongside traditional banking.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Careem Pay: Careem (Uber-owned super-app) operates Careem Pay across MENA with consumer wallets and payments. It overlaps with stc pay in Saudi consumer payments and remittances and is an emerging player expanding into broader financial services.
• Tabby: Tabby is a major Saudi/UAE BNPL fintech with consumer credit and merchant payment services. It competes with stc pay for consumer wallet share and merchant payment volume but does not offer full banking services, making it a partial-overlap emerging player.
• Tamara: Tamara is a leading Saudi/UAE buy-now-pay-later fintech. It overlaps with stc pay in consumer credit and checkout payments, but focuses on installment credit rather than full digital banking — a partial overlap that could converge as both broaden product sets.

Regional players

• Mashreq Neo: Mashreq Neo is a UAE-based digital-only bank from Mashreq Bank, serving retail customers in the UAE and GCC with a similar mobile-first proposition. It is a regional peer because it competes in the same category but in a different geography that stc pay is now targeting.

Broad incumbents

• Saudi National Bank (SNB): SNB (formerly NCB) is Saudi Arabia's largest bank by assets, formed from the merger of NCB and Samba. It is a broad incumbent with substantial digital banking investment, competing with stc pay for retail and SME deposits and payments.
• Alinma Bank: Alinma is a Shariah-compliant Saudi bank with a digitally-forward retail proposition and strong mobile app adoption. It overlaps with stc pay's target consumer and SME segments, though it operates as a full-service bank with branches.
• Al Rajhi Bank: Al Rajhi is Saudi Arabia's largest Islamic bank with deep retail presence and rapidly expanding digital/app banking capabilities. It competes with stc pay for mass-market deposits, cards, and personal financing, but as a full-service incumbent with branch and corporate banking scale.
• Riyad Bank: Riyad Bank is a major Saudi incumbent bank with growing digital banking capabilities. It competes for retail and SME customers with stc pay across deposits, cards, and personal financing as a broad incumbent rather than a digital-only specialist.

Direct peers

• Vision Bank (Saudi): Vision Bank is the third SAMA-licensed Saudi digital bank and a direct competitor in the same licensed cohort as stc pay. It targets similar consumer and SME segments with an app-led digital banking model.
• D360 Bank: D360 Bank is one of only three entities (alongside STC Pay and Vision Bank) awarded a Saudi digital banking license by SAMA in 2021-2022. It competes head-to-head with stc pay for Saudi retail and SME digital banking customers with a similar app-first, mobile-only proposition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/stcpay_ksa
• Facebookfacebook.com/stcpay.ksa
• LinkedInlinkedin.com/company/stc-pay

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about stc pay