The $10 million seed round for the Saudi Arabian FinTech startup Simplified Financial Solutions business, or SiFi, has closed. RAED Ventures and Sanabil Investments, a business fully controlled by the Public Investment Fund (PIF), led the deal.
Along with investors from earlier rounds including Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com, the investment round also included anb seed, Rua Ventures, Byld, and KBW Ventures.
SiFi was established in 2021 and provides a wide range of cutting-edge solutions, including automated cost management workflows, real-time insights into corporate spending, and smart corporate cards, to streamline the entire spend management process.
“We are thrilled to have closed this significant round and gained the support of such prominent and strategic partners. This funding will enable us to enhance our offering further, deliver even greater value to our customers, and cement our position as the go-to spend management solution in Saudi Arabia,” said H.E. Ahmed Alhakbani, Founder and CEO of SiFi. “We aim to empower stakeholders within companies to make informed decisions at the right time while providing finance teams with the tools they need to enforce company spending policies effectively. By doing so, we aim to help businesses decentralize spend while enhancing control and driving growth.”
Alhulul Almobassatah Financial Company, SiFi’s affiliate in Saudi Arabia, recently obtained an Electronic Money Institution (EMI) licence from the Saudi Central Bank. This enables the business to offer e-wallet services, which let customers manage and store money online. With the help of features like these, SiFi is revolutionising the way businesses handle their finances and empowering them to spend more wisely, make wise decisions, and spur expansion like never before.
Commenting on the round, a spokesperson for Sanabil Investments said, “What attracted us to SiFi was threefold: its outstanding team, compelling product offering, and the largely underserved market in Saudi Arabia, where businesses are increasingly recognizing the need for more efficient financial management tools. We look forward to supporting their next phase of growth and helping them capture the opportunity ahead.”