– Saudi spend management platform Simplified Financial Solutions Company (SiFi) closed a $10 million seed round, led by Sanabil Investments and RAED Ventures, with participation from notable investors such as anb seed, Rua Ventures, Byld, and KBW Ventures.

– SiFi, founded in 2010 to simplify finance management for organizations, offers innovative solutions like smart corporate cards, real-time insights into corporate spending, and automated expense management workflows. The funding will help enhance these offerings and deliver greater value to customers.

– SiFi’s Saudi affiliate, Alhulul Almobassatah Financial Company, received an Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA), enabling it to provide e-wallet services. Investors expressed confidence in SiFi’s potential to transform financial management in Saudi Arabia.

Saudi spend management platform Simplified Financial Solutions Company (SiFi) has closed a $10 million seed round, led by Sanabil Investments and RAED Ventures, with additional participation from anb seed, Rua Ventures, Byld, and KBW Ventures. Previous investors Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com also contributed.

Founded in 2010, SiFi aims to simplify finance management for organizations with innovative solutions such as smart corporate cards, real-time spending insights, and automated expense workflows.

Founder and CEO Ahmed Alhakbani expressed enthusiasm about the funding, highlighting its potential to enhance SiFi’s offerings and solidify its position as a leading spend management solution in Saudi Arabia.

The company seeks to empower stakeholders to make informed decisions and provide finance teams with tools to enforce spending policies, aiming to decentralize spending while maintaining control and driving growth.

SiFi’s Saudi affiliate, Alhulul Almobassatah Financial Company, recently received an Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA), allowing it to provide e-wallet services.

Sanabil Investments cited SiFi’s outstanding team, compelling product, and the underserved market in Saudi Arabia as key factors for their investment, while RAED Ventures highlighted the platform’s potential to revolutionize expense management in the region.