What STC Bank does

STC Bank is a Saudi Arabia-based digital-only bank and wholly-owned subsidiary of Saudi Telecom Company (stc Group), the largest listed telecom operator in MENA with a $57.7 billion market capitalization. Originally launched as stc pay (Saudi Digital Payments Company) under a Council of Ministers decree dated June 2021, the entity received its non-objection certificate from the Saudi Central Bank (SAMA) in February 2025 to operate as the Kingdom's first licensed digital financial institution. The bank serves individual consumers, SMEs, and corporate entities through a mobile-first platform with no physical branches, leveraging deep integration with stc Group's telecom ecosystem and the Qitaf loyalty program.

The bank's product portfolio spans prepaid and credit cards (four tiers from Platinum to Infinite Privilege with up to 10% cashback), personal and Smart Finance products (APRs ranging from 3.78% to 41%), tiered savings accounts (Smart Saver up to 5%) and fixed deposits, plus merchant services including POS terminals, eCommerce payment gateways, and SME financing products (POS, CapEx, and working capital financing). Cross-border transfers are enabled through Mastercard Move infrastructure covering 120 countries and via Western Union corridors. The platform also includes differentiated features such as Qattah group expense sharing, in-app marketplace commerce, contactless payments through Apple Pay and Mada Pay, and WPS-compliant payroll services through Mudad integration. Technology is delivered through a cloud-based, mobile-first architecture with B2B API channels for merchant transaction processing.

STC Bank generates revenue through five primary streams: credit card interest and fees (APR 36-52% across tiers), personal and business financing margins, payment processing fees (1-1.2% on eCommerce and POS), marketplace commissions on in-app product sales, and net interest income on savings/deposit products deployed for lending. With 501-1,000 employees and a paid-up capital of SAR 6.35 billion, the bank serves approximately 8 million customers as of FY2025, primarily distributed across consumer and SME segments with no material enterprise anchor concentration. The bank's growth strategy is anchored on ecosystem expansion via partnerships with Mastercard, JCB, PLDT Global, and participation in Money20/20 Middle East as a founding partner.

Name

STC Bank

Legal name

STC Bank

Website

https://stcbank.com.sa

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

501–1,000 employees

Short description

STC Bank is Saudi Arabia's first licensed digital bank and a subsidiary of stc Group, offering digital banking, credit cards, personal/SME financing, savings, payments, and cross-border transfers to 8 million consumers and businesses through a mobile-only platform.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Credit Card Issuing (52221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Virtual / Digital-First Credit Cards (FSAKABAK), Credit Cards & Revolving Credit (FSABAAAC), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Digital banking services
• Mobile banking
• Credit card issuance
• Payment processing
• Sme financing

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. Credit Card Interest and Fees: Credit cards generate revenue through monthly interest rates (ranging from 2.75% to rates up to 52.52% APR), annual percentage rates, and minimum payment requirements. Four tiers available: Platinum, Signature, Infinite, and Infinite Privilege with varying credit limits and cashback benefits up to 10%
2. Personal and Business Financing: Personal finance and Smart Finance products generate profit through annual profit rates (APR ranging from 3.78% to 41%). Working capital financing for SMEs with administrative fees of 10-17% and profit rates of 1-5%
3. Payment Processing Fees: eCommerce and POS transaction processing fees: 1% for internet payments, 1.2% for business payments. International transfer fees vary by country (e.g., 15-25 SAR for Western Union transfers)
4. Digital Services and Marketplace: Marketplace services and digital product offerings through the STC Bank app, including gaming cards, electronics, and various retail products
5. Savings and Deposit Products: Fixed deposits and Smart Saver accounts generate returns for customers (3-5% annual profit rates) while the bank utilizes these deposits for lending and investment activities

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

STC Bank is a licensed digital-only bank operating without physical branches that provides personal and SME banking entirely through its mobile application and merchant portal. It offers prepaid and tiered Visa credit cards with up to 10% cashback, personal and smart financing, smart saver and fixed deposit products, business accounts, POS/eCommerce payment acceptance, and SME financing solutions, alongside cross-border transfers via Mastercard Move to 120+ countries.

Product overview

STC Bank is a digital-only bank (formerly STC Pay/Saudi Digital Payments Company) offering a comprehensive suite of banking services through its mobile application. The product portfolio includes personal banking (prepaid and credit cards in four tiers, personal and smart financing, savings products), business banking (merchant accounts, POS, eCommerce, SME financing), and utility features (expense sharing, marketplace, international transfers, salary disbursement). The bank operates as a platform with multiple interconnected services: cards serve as the primary payment instrument, financing products provide credit, while features like Qattah, Marketplace, and international transfers enhance user engagement within the ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Prepaid Cards Prepaid debit cards accepted at merchants accepting mada and Visa, with digital management via the STC Bank app, designed for individual consumers in Saudi Arabia seeking cashless payment instruments without a credit facility.
• Credit Cards Visa credit cards available in four tiers (Platinum, Signature, Infinite, and Infinite Privilege) offering up to 10% cashback on selected categories for local and international use, with full digital management and instant issuance via the STC Bank app for individual cardholders in Saudi Arabia.
• Personal Finance Personal financing product with rates starting from 3.78% APR, available up to SAR 1,500,000 with tenures up to 60 months, targeted at individual consumers in Saudi Arabia for tenures up to 5 years.
• Smart Finance Quick digital financing solution with APRs from 39.80% to 41.00%, available up to SAR 15,000 with tenures up to 24 months, for individual consumers seeking short-term personal credit.
• Smart Saver Tiered savings account with annual profit rates from 3.00% to 5.00% based on balance band, with profit calculated daily and credited monthly, no minimum balance requirement, and full digital access for individual savers.
• Fixed Deposit Fixed-term savings product offering guaranteed returns at fixed annual profit rates of 3.53% to 4.29% based on tenor, available for terms from 1 to 12 months, with early withdrawal subject to 50% profit penalty, for individual savers in Saudi Arabia.
• Business Account Digital business banking account opened through a dedicated merchant portal (merchant.stcbank.com.sa) for transaction management, payroll processing, and B2B payments, targeted at SMEs and merchants operating in Saudi Arabia.
• POS (Point of Sale) Physical point-of-sale payment acceptance terminals enabling merchants to accept card payments from customers, distributed through the STC Bank merchant portal for SMEs and merchants in Saudi Arabia.
• eCommerce (Payment Gateway) Online payment gateway enabling merchants to accept credit and debit card payments via websites or mobile applications, at 1% transaction fee for internet payments and 1.2% for business payments, for SMEs and merchants in Saudi Arabia.
• POS Financing Financing solution enabling merchants to acquire point-of-sale terminals, supporting SME merchant onboarding in Saudi Arabia.
• Capex Financing Capital expenditure financing for SMEs to fund equipment and infrastructure investments, available in Saudi Arabia with structured repayment terms.
• Working Capital Financing Short-to-medium term financing for SMEs to manage daily liquidity and cash flows, with administrative fees of 10–17% and profit rates of 1–5%, available up to SAR 10 million for qualifying SMEs with 12+ months of operation, SAR 800,000+ annual revenue, and VAT declaration.

Quantifiable outcome

• Up to 10% cashback on selected spending categories
• +4 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• MastercardcoreTechnology or Integration · 13 January 2026Partnership to enable fast, secure digital cross-border transfers to 120 countries using Mastercard Move technology. The collaboration leverages Mastercard's reach across more than 200 countries and 150 currencies, enhancing STC Bank's international transfer capabilities for its customers.
• PLDT GlobalminorGTM or Marketing Partner · 13 October 2025Expanded partnership to improve e-wallet services for Filipinos abroad. Features include direct cash-ins to Philippine e-wallets and sending e-gift vouchers. Collaboration with stc Pay Bahrain aims to introduce additional services such as mobile loans, content subscriptions, and Virtual Numbers for overseas use. Builds on earlier partnership with stc Bank in Saudi Arabia.
• Money20/20 Middle EastcoreGTM or Marketing Partner · 16 August 2025Founding partner at inaugural Money20/20 Middle East fintech conference in Riyadh (September 15-17, 2025). Event expected 45,000+ attendees, 600+ investors, 450+ exhibitors from 40+ countries. Co-organized by Fintech Saudi and Tahaluf with founding partners Visa, Al Rajhi Bank, STC Bank, and Tamara.
• stc Group (Parent Company)coreStrategic or Co-development PartnerSTC Bank is a subsidiary of Saudi Telecom Company (stc Group), transitioning from stc pay digital wallet to become Saudi Arabia's first licensed digital bank. Benefits from deep integration with stc's telecom ecosystem, Qitaf loyalty program, and access to stc's extensive customer base of millions of subscribers.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Al Rajhi Bank: Largest Islamic bank in Saudi Arabia and the country's retail banking leader with a rapidly growing digital channel. Directly comparable to STC Bank as a Saudi retail banking competitor with active digital transformation, broad product portfolio, and Vision 2030 tailwinds.
• Saudi National Bank (SNB): Largest bank in Saudi Arabia by assets, formed via the NCB/Samba merger, with extensive retail and corporate franchise and aggressive digital push. Comparable to STC Bank as a Saudi incumbent competing for the same consumer deposits, cards, and SME financing pool.
• Emirates NBD: Leading UAE bank with a flagship digital-only subsidiary (Liv.) and aggressive regional expansion into Saudi Arabia. Comparable to STC Bank as a GCC retail and digital banking leader with similar card, lending, and remittance products.
• Riyad Bank: One of the largest Saudi banks with a major retail and corporate franchise and growing digital capabilities. Comparable to STC Bank as a Saudi incumbent competing for retail deposits, cards, and SME financing under Vision 2030.

Direct peers

• Bank AlBilad: Saudi bank recognized for a digital-first culture and Shariah-compliant retail offering with strong mobile app adoption. Closest direct peer to STC Bank as a digitally-led Saudi retail bank competing for similar mass-market and SME customers.
• Alinma Bank: Saudi Shariah-compliant bank built on a modern digital core with strong mobile and self-service capabilities. Comparable to STC Bank as a younger Saudi digital-first bank targeting retail and SME segments with similar product breadth.
• Liv. by Emirates NBD: UAE's first digital-only bank, launched by Emirates NBD targeting millennials with a mobile-first lifestyle banking experience. The closest business-model comparable to STC Bank — a branchless, app-driven bank inside a larger financial group — directly relevant for product, GTM, and unit-economics benchmarking.
• Mashreq Neo: Digital-only banking proposition from Mashreq in the UAE offering mobile-first accounts, cards, and remittances. Comparable to STC Bank as a regional digital-only bank targeting tech-savvy consumers and SMEs with similar card, transfer, and marketplace features.
• Wio Bank: UAE-based digital banking platform offering integrated business and personal accounts with API-first architecture. Comparable to STC Bank as a GCC digital-only bank with strong B2B payments and SME focus serving a regional market.

Emerging players

• Tamara: Saudi-headquartered BNPL fintech operating across the GCC and integrated as a payment option for STC Bank cardholders. Comparable as a Saudi fintech with overlapping retail consumer credit and merchant acquiring activity, and a potential competitor or partner for installments and SME financing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/stcbank_ksa
• Facebookfacebook.com/profile.php?id=100067406401787
• Instagraminstagram.com/stcbank_ksa

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

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 Bank