Sahm Capital's Growth Engine: Fintech Scale-Up in Saudi Arabia's Expanding Digital Economy

Sahm Capital isn't just entering Saudi Arabia's burgeoning fintech scene; it's rapidly seizing control of it, leveraging a rare trifecta of regulatory dominance, explosive user adoption, and strategic partnerships that together form a formidable moat. Established in 2022, Sahm achieved a critical milestone in 2024, securing full CMA licensure for dealing, advising, and fund operations – making it Saudi Arabia's first fully CMA-licensed fintech firm – effectively unlocking the ability to offer comprehensive financial services from day one. This regulatory head start proved immediately transformative; within its very first operational year, Sahm amassed a staggering 1 million users, a penetration rate unmatched by any competitor in the region, signaling not just rapid growth but deep market resonance. The momentum accelerated further in August 2025 with a pivotal strategic alliance with WalaOne, integrating loyalty point redemption directly into Sahm's investment platform. This partnership doesn't just add functionality; it creates a unique, sticky "loyalty reward investing funnel", dramatically lowering barriers to entry and fostering recurring engagement. This combination – the ironclad regulatory license enabling full service provision, the unprecedented user base demonstrating mass market acceptance, and the innovative partnership creating new value loops – positions Sahm not merely as an entrant, but as the likely architect of Saudi Arabia's next wave of democratized, technology-driven investing. The question isn't if Sahm will lead, but how quickly it can leverage this unique foundation to scale its influence and capture the surging demand for accessible financial empowerment.

Saudi Arabia's digital economy is entering a transformative phase, creating fertile ground for fintech innovation. The Saudi Exchange witnessed explosive growth in 2024, with internet trading volume surging 39.7% year-over-year to reach SAR 1.86 trillion. This massive expansion reflects deepening retail participation and institutional momentum, with banks dominating trading value at SAR 265.57 billion. Within this accelerating landscape, Sahm Capital has emerged as a standout disruptor. The fintech firm achieved remarkable market penetration, securing 6th place in Saudi Exchange internet trades by December 2024. Sahm's trajectory exemplifies how digital-native platforms are capturing value in traditional markets, fueled by both regulatory modernization and shifting investor behavior. This rapid ascent signals meaningful penetration in Saudi's evolving financial ecosystem, where fintech entrants are translating technological adoption into market share. The underlying momentum suggests Sahm's current position may only be the beginning of its growth story.

Scaling a fintech firm from millions of users to consistent profitability hinges on turning user growth into operational leverage. Sahm Capital, Saudi Arabia's first fully CMA‑licensed fintech, achieved 1 million users in its first year-a scale that drove a 50 % improvement in its market‑value ranking by December 2024, landing it sixth in Saudi‑Exchange internet trades. AI‑driven tools have already cut the cost‑to‑serve and boosted acquisition efficiency, while a $48 million strategic investment from ewpartners will fund infrastructure scaling at proven unit economics, enabling global expansion and diversification into investment banking and wealth management through licences in Hong Kong and Singapore. The investment is designed to sustain the momentum, turning the user base into higher profitability through operational efficiencies and innovation.

Sahm Capital finds itself at a pivotal moment within Saudi Arabia's rapidly evolving capital markets ecosystem. Recent data underscores both the scale of opportunity and the dynamism driving the Saudi Exchange. Tadawul reported robust trading activity in 2024, with share trading value soaring 39.7% year-on-year to SAR 1.86 trillion, even as the broader market capitalization experienced a contraction of 9.41% to SAR 10.2 trillion. This environment, characterized by significant transaction volume amidst market valuation shifts, highlights the increasing participation and activity within the domestic market landscape. Sahm, operating as one of the Saudi Exchange's fastest-growing members, has strategically positioned itself to capitalize on this momentum. The firm bolstered its operational capacity significantly, increasing its capital to 93.75 million SAR in 2023, and secured comprehensive regulatory authorization, becoming licensed for securities dealing and fund management in 2024. Critically, Sahm expanded its service offerings, formally entering the investment arrangement services sector in February 2024 and commencing these activities in October 2024. This expansion, coupled with its recent strategic partnership with WalaOne launched on August 14, 2025, demonstrates a clear focus on leveraging technology to broaden access. The WalaOne deal specifically enables users to invest loyalty points through Sahm's digital platform, aiming to democratize capital market participation and enhance financial empowerment. This technological foundation and regulatory standing now position Sahm to benefit directly from Saudi Arabia's national digital transformation agenda. Concrete near-term catalysts are aligning to potentially accelerate Sahm's growth trajectory. The scheduled launch of its investment arrangement services in Q1 2026, following the October 2024 start date for these activities, represents a significant milestone likely to drive substantial retail onboarding as the service ramps up. Simultaneously, the anticipated rollout of Saudi Vision 2030 fintech initiatives during Q2 and Q3 of 2026 could generate substantial policy tailwinds, fostering a more enabling environment for innovative financial services like Sahm provides. Furthermore, the success of the WalaOne partnership model creates a clear pathway for expansion; replicating this digital reward integration strategy with additional partners in Q4 2026 has the potential to unlock significant user growth, potentially exceeding 30%, by tapping into new customer segments and incentivizing market participation through familiar loyalty mechanisms. These catalysts, rooted in Sahm's existing capabilities and Saudi Arabia's strategic direction, present a compelling case for the firm's future growth potential within the national digital economy roadmap.