Book a free demo with us
Book Now
SiFi Announces $10M Seed Round to Enhance Spend Management Solutions

SiFi Announces $10M Seed Round to Enhance Spend Management Solutions

By Press Release 04 June 2024

Ahmed Alhakbani, Co-Founder and CEO of SiFi

Simplified Financial Solutions Company (SiFi) announced the closing of its $10M seed round. The round was led by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), and RAED Ventures, with participation from prominent investors such as anb seed, Rua Ventures, Byld and KBW Ventures. The funding round also includes investors from previous rounds, such as Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com.

Founded in 2021, SiFi is on a mission to simplify finance management for all types of organizations. As the leading spend management platform in Saudi Arabia, SiFi offers a comprehensive suite of innovative solutions that simplify the entire spend management process, such as smart corporate cards, real-time insights into corporate spend, and automated expense management workflows.

“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 effectively enforce company spend policies. By doing so, we aim to help businesses decentralize spend while enhancing control and driving growth.”

SiFi’s Saudi based affiliate, Alhulul Almobassatah Financial Company, recently received an Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA). This allows the company to provide e-wallet services, enabling users to store and manage money by electronic means. With capabilities like these, SiFi is redefining the way organizations manage their finance, enabling them to make informed decisions, optimize their spend, and drive 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 as businesses are increasingly recognizing the need for more efficient financial management tools. We look forward to supporting their next phase of growth and to help 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 organizations to optimize their financial processes. Under the leadership of H.E. Ahmed Alhakbani, we believe SiFi has tremendous potential to revolutionize the financial landscape in Saudi Arabia, and we are excited to support them on this journey.”

---

Send us your press releases to shareyournews@lucidityinsights.com

Mentioned Startup & VC Profiles
Sifi

Sifi

SiFi aims to assist companies get in control of their expenses.

RAED Ventures

RAED Ventures

RAED Ventures is an early and growth stage venture capital firm established in Riyadh in 2015.

SEEDRA Ventures

SEEDRA Ventures

With a team of experienced industry leaders, serial entrepreneurs, and top-tier investment professionals, SEEDRA Ventures serves as both a Pre-Seed partner and an Early-Stage investor in Saudi.

Sanabil Investments

Sanabil Investments

Sanabil Investments is a sovereign wealth fund that is primarily concentrated within the Kingdom, focuses on direct equity investments and fund of funds investments.

Saudi Arabia's Public Investment Fund

Saudi Arabia's Public Investment Fund

The Public Investment Fund (PIF) is a prominent global investor with a top-tier investment portfolio that emphasizes sustainable investments on a global scale.

Khwarizmi Ventures

Khwarizmi Ventures

Khwarizmi Ventures, a Saudi-based Venture Capital firm, has provided seed funding to prominent startups, supported founders, and expanded numerous regional companies with established traction in the MENA region.

Tech Invest Com

Tech Invest Com

Tech Invest Com focuses on enhancing shareholder returns by strategically investing in technology ventures across the MENA region, particularly within the GCC countries.

Related Report

An ultimate guide to fintech in the Kingdom of Saudi Arabia

An ultimate guide to fintech in the Kingdom of Saudi Arabia

A comprehensive overview of the Kingdom’s fintech journey to date & the current opportunities & challenges.

Did you check these out?

Related Contents

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems