Simplified Financial Solutions Company (SiFi), a Saudi Arabia-based fintech, has successfully closed a $10 million seed funding round. The investment was led by Sanabil Investments, a wholly-owned subsidiary of the Public Investment Fund (PIF), and RAED Ventures.
Notable participants in the round included ANB Seed, Rua Ventures, Byld, and KBW Ventures, alongside existing investors such as Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com.
This substantial investment will bolster SiFi’s mission to become the leading spend management solution in Saudi Arabia, enhancing its offerings and providing unparalleled value to its customers.
“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 Ahmed Alhakbani, Founder and CEO of SiFi.
He added that the team aims to empower company stakeholders to make informed decisions at the right time while providing finance teams with the tools to enforce company spending policies effectively.
“By doing so, we aim to help businesses decentralise spending while enhancing control and driving growth,” said Alhakbani.
Founded in 2021 by Alhakbani, SiFi is dedicated to simplifying business finance management. The company provides a robust B2B spending management platform featuring smart corporate cards, real-time spending insights, and automated expense management workflows.
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 organizations to optimize their financial processes.”
SiFi’s affiliate in Saudi Arabia, Alhulul Almobassatah Financial Company, recently received an Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA). This license lets the company offer e-wallet services, enabling users to store and manage money electronically. With these capabilities, SiFi redefines how organizations manage their finances, allowing them to make informed decisions, optimize spending, and drive unprecedented growth.
A spokesperson for Sanabil Investments commented, “What attracted us to SiFi was three-fold: its outstanding team, compelling product offering, and the largely underserved market in Saudi Arabia. Businesses are increasingly recognizing the need for more efficient financial management tools. We look forward to supporting SiFi’s next growth phase and helping them capture the opportunity ahead.”
