A $10 million seed round has closed, according to Simplified Financial Solutions Company (SiFi). Leading investors in the round included RAED Ventures, anb Seed, Rua Ventures, Byld, and KBW Ventures. Sanabil Investments, a company fully owned by the Public Investment Fund (PIF), led the round. Previous rounds of funding participants include Tech Invest Com, Seedra Ventures, Khwarizmi Ventures, and others.
SiFi, which was established in 2021, is dedicated to making finance management easier for all kinds of organizations. Smart corporate cards, real-time insights into corporate spend, and automated expense management workflows are just a few of the cutting-edge solutions that SiFi, the top spend management platform in Saudi Arabia, offers as part of its extensive suite of cutting-edge solutions.
“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 further enhance our offering, 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. “Our aim is 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 decentralise spending while enhancing control and driving growth.”
Alhulul Almobassatah Financial Company, SiFi’s affiliate in Saudi Arabia, recently obtained an Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA). This enables the business to offer e-wallet services, which let customers manage and store money online. With such capabilities, SiFi is revolutionizing the financial management of organizations, empowering them to make well-informed decisions, maximize their expenditures, and spur growth like never before.
Commenting on the round, a spokesperson for Sanabil Investments said, “What attracted us to SiFi was three-fold: its outstanding team, compelling product offering, and the largely underserved market in Saudi Arabia, as businesses are increasingly recognising 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.”
Omar Almajdouie, founding partner at RAED Ventures, added, “Expense management for enterprises in Saudi Arabia and the GCC is at a transformative stage, with businesses increasingly seeking more efficient and transparent solutions. SiFi’s innovative platform addresses this critical need by offering comprehensive spend management software tools that empower organisations to optimise their financial processes. Under the leadership of H.E. Ahmed Alhakbani, we believe SiFi has tremendous potential to revolutionise the financial landscape in Saudi Arabia, and we are excited to support them on this journey.”
