• Saudi Arabia-based fintech Simplified Financial Solutions Company (SiFi) has closed a $10 million 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 by Ahmed Alhakbani, SiFi is a B2B spending management platform that offers solutions including smart corporate cards, real-time insights into corporate spend, and automated expense management workflows.
• This funding will enable the company to enhance its offerings and cement its position as the go-to spend management solution in Saudi Arabia.

Press release:

Simplified Financial Solutions Company (SiFi) announced the closing of its $10 million 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 organisations. 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 spending policies. By doing so, we aim to help businesses decentralise spending while enhancing control and driving growth.”

SiFi’s Saudi based affiliate, Alhulul Almobassatah Financial Company, recently received an Electronic Money Institution (EMI) licence 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 organisations manage their finances, enabling them to make informed decisions, optimise their spending, 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 Arabia, as businesses are increasingly recognising the need for more efficient financial management tools. We look forward to supporting their next phase of growth and helping 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 organisations to optimise their financial processes. Under the leadership of H.E. Ahmed Alhakbani, we believe SiFi has tremendous potential to revolutionise the financial landscape in Saudi Arabia, and we are excited to support them on this journey.”