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SiFi Raises $10M to Expand in Saudi

Simplified Financial Solutions Company (SiFi), has successfully raised $10 million in a seed funding round
June 4, 2024

The global spend management sector is witnessing a surge in demand, fueled by factors such as increasing internet penetration, technological advancements, and a growing emphasis on prudent spending by businesses. While North America remains a dominant player in this arena, the sector is experiencing notable growth worldwide. According to Grand View Research, the sector is projected to expand at a compound annual growth rate of 10.3% by 2030, with regions like the Middle East and North Africa (MENA) poised for increased adoption of expense management tools.

In line with this trend, Saudi Arabia-based Simplified Financial Solutions Company (SiFi) has secured a significant milestone, raising $10 million in seed funding to bolster its expansion efforts in the MENA region. Led by Sanabil Investments, a member of Saudi’s Public Investment Fund, and early-stage MENA VC, RAED Ventures, the funding round underscores the growing appetite for innovative spend management solutions in the region.

Founded in 2021 by Ahmed Alhakbani, SiFi offers a comprehensive spend management platform designed to streamline organizational spending, including vendor and bill payments. With the Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA) obtained last year, SiFi is poised to leverage its platform to offer a range of services, including e-wallets and smart corporate cards.

Alhakbani's inspiration for SiFi stemmed from his firsthand experience as the head of customs in Saudi Arabia, where he witnessed the challenges of fragmented expense management systems, leading to inefficiencies and potential misuse of funds. SiFi's platform aims to address these challenges by providing robust control mechanisms, allowing organizations to manage corporate card usage, track expenditures, and streamline reimbursement processes.

By addressing common spend management pain points such as human error, fraud, and lack of visibility, SiFi aims to empower finance departments to enhance their effectiveness in serving the broader organization. With ambitions to expand beyond Saudi Arabia, SiFi's technology-driven approach positions it as a scalable solution with the potential to transform spend management practices across markets.
SiFi's successful seed funding round, supported by a consortium of investors including anb seed, Rua Ventures, Byld, and KBW ventures. underscores the growing investor confidence in Saudi startups. Despite global economic challenges, Saudi Arabia continues to emerge as a hub for venture investment in the MENA region, driven by government initiatives aimed at fostering innovation and diversifying revenue streams beyond oil. As SiFi joins the ranks of Saudi startups raising substantial funding this year, the kingdom's entrepreneurial ecosystem continues to thrive, offering promising opportunities for growth and innovation.

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