Saturday June 15th, 2024
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Saudi Fintech Startup SIFI Raises $10 Million in Seed Round

The company intends to use the investment to increase their presence on the domestic market.

Dounia El Barhdadi

Saudi Fintech Startup SIFI Raises $10 Million in Seed Round

Saudi Arabia-based startup Simplified Financial Solutions Company (SiFi), a spend management platform, has raised $10 million in a seed funding round in order to finance their domestic expansion plans.

The round was led by Sanabil Investments, a member of the Saudi Arabian Public Investment Fund (PIF), and early-stage MENA VC, RAED Ventures. Investors that participated in this round include Rua Ventures, Byld and KBW Ventures, Khwarizmi Ventures, Seedra Ventures and Tech Invest Com.

SiFi was founded in 2021 by Ahmed AlHakbani, and helps organisations manage their spending, including vendor and bill payments. SiFi is looking to expand its operations after receiving the Electronic Money Institution (EMI) licence from the Saudi Central Bank (SAMA) in 2023. The company is planning to use this licence to provide a selection of new services, including e-wallets and smart corporate cards.

SiFi intends to eventually take their business beyond the Kingdom, as their technology allows them to iterate within any market, but further crowdfunding and further growth on the Saudi market will be necessary before this can happen.

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