Saudi Arabia-based fintech Simplified Financial Solutions Company (SiFi) has successfully closed a $10 million seed funding round spearheaded by Sanabil Investments and RAED Ventures. The round also attracted investments from prominent entities such as Anb Seed, Rua Ventures, Byld, and KBW Ventures.
Returning investors from previous rounds, including Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com, also participated.
Founded in 2021 by Ahmed Alhakbani, SiFi has quickly positioned itself as the go-to B2B spend management platform in Saudi Arabia. The company’s innovative solutions include smart corporate cards, real-time insights into corporate spending, and automated expense management workflows.
Alhakbani announced the successful closing of a major funding round. He expressed excitement about gaining the support of prominent and strategic partners.
The new funding will enhance SiFi’s platform and expand its market presence. SiFi’s Saudi-based affiliate, Alhulul Almobassatah Financial Company, recently received an Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA). This license allows the company to provide e-wallet services, enabling users to store and manage money electronically.
With these capabilities, SiFi redefines how organizations manage their finances, offering solutions that optimize spending and drive business growth.
A spokesperson for Sanabil Investments highlighted the reasons for their investment in SiFi. They noted that the outstanding team, compelling product offering, and the largely underserved market in Saudi Arabia attracted them.
As businesses increasingly recognize the need for more efficient financial management tools, Sanabil Investments looks forward to supporting SiFi’s next phase of growth and helping them capture the opportunities ahead.
Omar Almajdouie, the founding partner at RAED Ventures, highlighted the transformative phase of expense management in Saudi Arabia and the Gulf Cooperation Council (GCC) region.
He stated that enterprise expense management in the region is undergoing significant change, with businesses increasingly seeking efficient and transparent solutions. Almajdouie emphasized SiFi’s innovative platform, which offers comprehensive spend management software tools, addressing the critical need in the market.
He expressed confidence in SiFi’s potential to revolutionize the financial landscape in Saudi Arabia under the leadership of H.E. Ahmed Alhakbani. RAED Ventures is excited to support SiFi on this journey.
