SiFi Closes $10M Seed Round to Transform Spend Management in Saudi Arabia
Simplified Financial Solutions Company (SiFi) is pleased to announce the successful closure of its $10 million seed funding round. The round was led by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), and RAED Ventures. Additional participation came from notable investors including anb seed, Rua Ventures, Byld, and KBW Ventures, along with previous backers Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com.
Founded in 2021, SiFi is dedicated to simplifying finance management for organizations of all types. As the leading spend management platform in Saudi Arabia, SiFi offers a comprehensive suite of innovative solutions, including smart corporate cards, real-time insights into corporate spending, and automated expense management workflows.
“We are thrilled to have closed this significant round and gained the support of such prominent and strategic partners,” said H.E. Ahmed Alhakbani, Founder and CEO of SiFi. “This funding will enable us to further enhance our offerings, deliver even greater value to our customers, and solidify our position as the go-to spend management solution in Saudi Arabia. Our goal 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 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 license allows the company to provide e-wallet services, enabling users to store and manage money electronically. With these capabilities, SiFi is redefining how organizations manage their finances, enabling informed decisions, optimized spending, and unprecedented growth.
A spokesperson for Sanabil Investments commented, “We were attracted to SiFi by its outstanding team, compelling product offering, and the largely underserved market in Saudi Arabia, where businesses are increasingly recognizing the need for more efficient financial management tools. We look forward to supporting SiFi in its next phase of growth and helping them seize the opportunities ahead.”
Omar Almajdouie, founding partner at RAED Ventures, added, “Expense management for enterprises in Saudi Arabia and the GCC is at a transformative stage. SiFi’s innovative platform addresses the critical need for efficient and transparent solutions by offering comprehensive spend management tools that empower organizations to optimize their financial processes. Under the leadership of H.E. Ahmad 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.”