Fintech company SiFi, headquartered in Riyadh, has announced the successful raising of $10 million in a seed funding round led by Sanabil Investments, a subsidiary of the Public Investment Fund, and Raed Ventures. Other notable participants in the round include ANB Seed (the seed fund by ANB Capital), Saudi’s Rua Ventures, Dubai-based Byld Ventures, and KBW Ventures, led by Khalid bin Alwaleed. Existing investors such as Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com also joined the round.
Sanabil, which typically invests through its Sanabil 500 MENA Seed Accelerator program, has directly led a seed round for the first time. This reflects a growing trend of increased investment in Saudi startups.
Founded in 2021 by Ahmed Alhakbani, former Governor of Saudi Customs and Deputy Minister for Foreign Trade, SiFi (Simplified Financial Solutions Company) offers a spend management platform. This platform automates expense processes for businesses and provides corporate cards (both virtual and physical) for employees, enabling global use with set spending limits and controls.
SiFi’s platform offers real-time expense tracking, budget setting, and detailed spend control for finance teams. Upcoming features include automatic reconciliation with direct integration into leading accounting software. Additionally, SiFi provides reimbursement management, allowing employees to submit requests through the platform and track their status, with approvals managed via web or mobile apps.
Recently, SiFi’s Saudi affiliate, Alhulul Almobassatah Financial Company, received an Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA), allowing it to offer e-wallet services.
Commenting on the investment, Ahmed Alhakbani, Founder and CEO of SiFi, said, “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.”
Sanabil Investments highlighted their reasons for investing in SiFi, citing its exceptional team, compelling product offering, and the largely underserved market in Saudi Arabia for efficient financial management tools. They look forward to supporting SiFi’s growth and helping them capitalize on market opportunities.
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.”
With the new funding, SiFi aims to fuel its growth and continue enhancing its product offerings to meet the evolving needs of businesses in Saudi Arabia and beyond.
