Riyadh – Mubasher: Simplified Financial Solutions Company (SiFi) closed its $10 million seed round led by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF).
The fundraising transaction was also led by RAED Ventures, along with key investors, such as anb seed, Rua Ventures, Byld and KBW Ventures, among others.
SiFi will use the investment to enhance its offerings and anchor its position as the go-to spend management solution in Saudi Arabia, according to a press release.
Founded in 2021 by Ahmed Alhakbani, SiFi is a business-to-business (B2B) spending management platform that provides advanced solutions that simplify the entire spend management process.
They include smart corporate cards, real-time insights into corporate spend, and automated expense management workflows.
Ahmed Alhakbani, Founder and CEO of SiFi, commented: “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 effectively enforce company spending policies.”
“By doing so, we aim to help businesses decentralise spending while enhancing control and driving growth,”
SiFi’s affiliate Alhulul Almobassatah Financial Company recently received an Electronic Money Institution (EMI) licence from the Saudi Central Bank (SAMA), which will allow it to provide e-wallet services, enabling users to store and manage money by electronic means.
A spokesperson for Sanabil Investments noted: “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.”
Omar Almajdouie, founding partner at RAED Ventures, highlighted: “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,” Almajdouie continued.
In October 2023, Mastercard teamed up with SiFi to bolster small and medium-sized enterprises (SMEs) across the Kingdom.
