Best STC Bank alternatives

#1 alternative

D360 Bank

active

First Saudi digital bank on its own homepage. SAMA. Shariah-compliant. PIF-backed.

Riyadh · Saudi digital bank · PIF portfolio company (PIF’s own page)

6.9Mixed

D360 Bank’s own footer is the review: regulated by the Saudi Central Bank; closed joint stock company; capital SAR 2,100,000,000; CR 1010822737; Council of Ministers decree 389 dated 15 February 2022; 7913 King Abdulaziz Rd, Al Arid, 13332 Riyadh. SAMA announced no-objection to commence banking operations on 17 December 2024. It is one of three licensed digital banks in the kingdom. Barq is an e-wallet. STC Bank is the other conversion story (ex-stc pay). meem is Gulf International Bank’s skin. D360 is the digital bank. Shariah-compliant on its own copy, with an independent Shariah committee. Eligible deposits follow SAMA bank rules — this file does not invent a riyal cap the homepage did not print.

Best for: Saudi residents who want a SAMA digital bank with a printed Shariah committee, not an e-wallet.

Licence

Licensed digital bank — closed joint stock company

Protection

SAMA-licensed digital bank. Eligible deposits follow the kingdom’s bank scheme — confirm the live SAMA deposit-guarantee rules. This is not Barq (e-wallet) and not stc pay the wallet class.

Monthly

Confirm live — fees page on d360.com/en/services-fees

#2 alternative

meem

active

Gulf International Bank digital brand. SAMA. Sharia-screened. Not a separate digital-bank licence.

4.4

Dhahran / Riyadh · GIB digital · Gulf International Bank

6.8Mixed

meem is Gulf International Bank’s digital brand in Saudi Arabia. SAMA. Sharia-compliant current and cards. Barq is a SAMA e-wallet. STC Pay is payments. This is a bank skin. Deposit protection, if it applies, follows GIB — confirm the live scheme sentence. Directories dump it next to a 2020 neobank. GIB is older than that.

Best for: Saudi residents who want GIB in an app and a Sharia-screened current, not STC Pay.

Licence

Digital brand of Gulf International Bank — Saudi Arabia. Not a separate SAMA digital-bank licence

Protection

SAMA bank-deposit protection follows Gulf International Bank as a licensed bank. meem is a brand — shared with other GIB deposits. Confirm the live scheme copy.

Monthly

Digital SKU — confirm live

#3 alternative

Barq

active

Riyadh SAMA e-wallet. Barraq Finance Company. Explicitly not a bank account.

Riyadh · 1M in 21 days at launch (claimed) · Private / SAMA e-wallet era

6.7Mixed

Barq is Barraq Finance Company, a SAMA e-wallet. Decision 26/M SM/1445. The privacy policy names a closed joint-stock company in Riyadh, not a bank. One million users in 21 days is a launch stat, not a balance-sheet. Keep salary at a SAMA bank. Use Barq as a wallet.

Best for: Saudi residents who want a licensed wallet and already keep salary at a SAMA bank.

Licence

E-wallet — Barraq Finance Company (Decision 26/M SM/1445). Not a bank

Protection

Not a SAMA bank deposit. SAMA e-wallet rules apply. Barq’s own copy says this is not a bank account.

Monthly

Wallet SKU — confirm live

#4 alternative

Kestrl is a habit layer. Keep a Monzo/Starling/high-street account for the actual deposit. Halal branding does not move FSCS.

Best for: UK Muslims who want a money app that speaks their constraints, with a real bank still underneath.

Licence

App + partner EMI/bank rails

Protection

If a spending account exists, it is partner-EMI or bank — not Kestrl-as-bank

Monthly

Freemium / subscription SKUs — confirm live

#5 alternative

Found

active

US banking for the self-employed: taxes, invoices, and a debit card.

4.8

San Francisco · Self-employed base · Series-era (Allianz x others)

7.3Solid

Found is the freelancer current account. Novo is generic SMB. Relay is multi-entity ops.

Best for: US freelancers who hate QuickBooks more than they hate banks.

Licence

Fintech with partner banks

Protection

FDIC via Piermont Bank and partners

Monthly

Free core

#6 alternative

Varo Bank

active

The rare US neobank that is actually a bank.

4.6

San Francisco · 7M+ · Bank holding + private capital

7.2Solid

When a US page asks ‘is it a real bank?’, Varo is the yes. Chime and Current are the no-with-an-asterisk.

Best for: US users who want a neobank app without the partner-bank asterisk.

Licence

National bank charter

Protection

FDIC insured as Varo Bank, N.A. — not pass-through theatre

Monthly

No monthly on core checking