Fintech
SiFi, a Saudi spend management FinTech, raises $10 million in funding
By Gloria Methri
Today
- Corporate expense management
- FinTech
- Middle East
Saudi Arabia FinTech Simplified Financial Solutions Company, or SiFi, has closed its $10 million seed round led by Sanabil Investments, a wholly owned subsidiary of the Public Investment Fund (PIF), and RAED Ventures. The funding round also included anb seed, Rua Ventures, Byld and KBW Ventures and investors from previous rounds, such as Khwarizmi Ventures, Seedra Ventures and Tech Invest Com.
Founded in 2021, SiFi offers a full suite of innovative solutions that simplify the entire spend management process, such as intelligent corporate cards, real-time insights into business spending, and automated expense management workflows.
“We are thrilled to have concluded this important round and to have obtained the support of such important and strategic partners. This funding will allow us to further enhance our offering, provide even greater value to our customers and consolidate our position as the go-to spend management solution in Saudi Arabia,” he said HE Ahmed Alhakbani, Founder and CEO of SiFi. “Our goal is to enable stakeholders within businesses to make informed decisions at the right time, while providing finance teams with the tools they need to effectively enforce corporate spending policies. In this way, we aim to help companies decentralize spending, while improving control and stimulating growth.”
SiFi’s Saudi affiliate, Alhulul Almobassatah Financial Company, recently received an electronic money institution (EMI) license from Saudi Central Bank. This allows the company to provide e-wallet services, allowing users to store and manage money by electronic means. With features like these, SiFi is redefining how organizations manage their finances, enabling them to make informed decisions, optimize expenses and drive growth like never before.
Commenting on the round, a spokesperson for Sanabil Investments said: “What attracted us to SiFi was threefold: its exceptional team, compelling product offering and the largely underserved market in Saudi Arabia, where companies increasingly recognize the need for more efficient financial management tools. We look forward to supporting their next phase of growth and helping them seize the opportunities ahead.”