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Back 30 May 2024

SiFi, a Saudi Focused Spend Management Platform, Closes a $10M Seed Round Led by Sanabil Investments and RAED Ventures

SiFi, a Saudi Focused Spend Management Platform, Closes a $10M Seed Round Led by Sanabil Investments and RAED Ventures

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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 Capital, Rua Capital, Byld Ventures 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. 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.”

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