stc at LEAP 2025: Global partnerships, new tech launches

Saudi-based fintech startup lite has announced the successful closure of its pre-seed funding round, raising a total of $3.2 million. The round was led by Scene Holding, with participation from prominent angel investors, marking a significant milestone in lite’s journey to redefine the payments ecosystem for businesses in Saudi Arabia.

Established by three seasoned co-founders with vast experience in payments — Fahad Anteet, Mohamed Faheem, and Soliman Aldukhil — lite is on a mission to become the leading payment solutions provider in the Saudi market, offering businesses a full-fledged suite of financial services to meet all their payment needs. With a strong focus on innovation, scalability, and localization, lite is committed to driving financial inclusion and enhancing the efficiency of payment ecosystems in the Kingdom. This is in line with Saudi Vision 2030’s goals of accelerating digital transformation and promoting a less-cash society.

Currently, lite is in the process of obtaining an electronic money institution license from the Saudi Central Bank, which will enable the company to fully operate and deliver its comprehensive suite of payment solutions to businesses across the Kingdom.

“We are deeply grateful to our investors for their trust in our vision and to the Saudi Central Bank, Fintech Saudi, and key ecosystem enablers for their support in fostering fintech innovation. This funding marks a major step forward in our mission to provide businesses with seamless, secure, and scalable payment solutions tailored to the Saudi market,” said Anteet, CEO of lite. “As we work toward obtaining our EMI license, we remain committed to innovation, compliance, and localization — empowering businesses and accelerating the shift toward a digital, less-cash economy in alignment with Vision 2030.”

“We are thrilled to support lite on its journey to reshape the payments ecosystem in Saudi Arabia,” said Sultan Ghaznawi, chairman and managing director, Scene Holding “The founding team’s expertise, vision, and commitment to innovation align perfectly with our investment philosophy at Scene Holding.” 

We believe lite has the potential to drive meaningful impact in the fintech sector, empowering businesses and contributing to the Kingdom’s digital transformation goals.”

GFH Financial Group has announced its financial results for the fourth quarter and 12 months ending Dec. 31, 2024.

The net profit attributable to shareholders was $30.56 million for the fourth quarter of the year versus $23.94 million in the fourth quarter of 2023, an increase of 27.63 percent. This was attributed to higher contribution from the investment banking and proprietary investment business lines. The earnings per share for the quarter were 0.84 cents compared with 0.69 cents in the fourth quarter of 2023. The total income was $189.34 million for the fourth quarter of the year, reflecting a 32.57 percent increase from $142.82 million in the fourth quarter of 2023, supported by investment banking activities, proprietary income, and treasury operations. The consolidated net profit for the fourth quarter was $32.96 million compared with $24.18 million in the fourth quarter of 2023, a growth of 36.31 percent, despite fair value movements in the group’s treasury and investment portfolio. The total expenses for the quarter were $111.10 million, compared with $84.06 million in the prior-year period, reflecting a 32.17 percent increase, largely due to business operation expansion.

The group reported net profit attributable to shareholders of $118.5 million for the full year compared with $102.86 million in 2023, an increase of 15.21 percent. The gain is attributed to the group’s strong investment banking performance, higher proprietary income, contributions from its commercial banking subsidiary, and a robust performance in treasury and asset management. The earnings per share for the year were 3.27 cents compared to 2.95 cents for the full year 2023, reflecting an increase of 10.85 percent. The total income for the year was $675.82 million, up 39.86 percent from $483.22 million for the previous year, demonstrating strong growth across all business lines. The consolidated net profit for the year was $128.51 million, compared with $105.23 million in 2023, an increase of 22.12 percent. The total expenses for the year were $344.99 million, compared with $264.30 million in 2023, reflecting a 30.53 percent increase.

The total equity attributable to shareholders was $980.94 million on Dec. 31, 2024, compared with $989.54 million at year-end 2023, a decrease of 0.87 percent. The total assets of the group were $11.03 billion on Dec. 31, 2024, compared with $11.12 billion on Dec. 31, 2023, down 0.81 percent.

In line with the group’s results, the board of directors has recommended a total cash dividend of 6.2 percent on par value ($0.0164 per share excluding treasury shares), subject to approval by the general assembly and regulators.

Currently, GFH manages close to $22 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America. 

In a statement, GFH Chairman Abdulmohsen Rashed Al-Rashed said: “GFH has once again continued to deliver sustainable value for its shareholders with sound financial results for the fourth quarter and full year 2024. The net profit attributable to shareholders grew by more than 15 percent for the year, reflecting our disciplined execution, diversification, and the strength of our core businesses. As a result, we are pleased to announce another solid dividend for our shareholders reflecting the group’s ongoing commitment and ability to deliver shareholder value. 

"We are also proud to have successfully priced our S500 million five-year sukuk during the fourth quarter with demand from international investors. The solid double-digit growth in income and profitability highlights our ability to navigate market dynamics while seizing new opportunities. 

"Moving forward, we will continue to focus on building long-term resilience and delivering strong returns for our shareholders as we expand our global footprint and reinforce our position as a regional financial leader.”

GFH CEO and Board Member Hisham Alrayes said: “We are pleased to report another year of positive performance, with total income surging by 40 percent to $675.82 million, reflecting the success of our strategic initiatives and the expansion of our investment and treasury activities. Our net profit attributable to shareholders also rose by 15.2 percent to $118.50 million, driven by the performance of our investment banking, treasury and proprietary investment activities, and commercial banking businesses.

"Investment banking remained a key driver of profitability, supported by asset management growth and new deal-related income reinforcing our leadership in the sector. Our treasury and proprietary investments also delivered robust contributions, benefiting from well-executed capital deployment strategies and income from structured placements. Additionally, our commercial banking business continued its upward trajectory, supporting growth through disciplined restructuring and enhanced efficiency.

"As we look ahead, we will continue to build on this momentum by capitalizing on new investment opportunities, growing our global asset base, and further capitalizing on opportunities for growth in our core regional markets with an emphasis on Saudi Arabia and the UAE. This is in addition to strengthening our existing access to the US as a mature market, allowing us to continue to offer compelling asset management and investment products. Our focus remains on delivering sustainable returns, enhancing our financial strength, and driving value creation for all stakeholders. With a healthy balance sheet and a well-diversified platform, GFH is well-positioned to accelerate its growth and reinforce its status as a market leader in the region and beyond.”