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SiFi, a Saudi spend management FinTech, raises $10m funding

By Gloria Methri

June 10, 2024

  • Business Spend Management
  • FinTech
  • Middle East
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SiFi, Spend Management Platform, FinTech, Saudi ArabiaSaudi Arabian FinTech Simplified Financial Solutions Company, or SiFi, has closed its $10 million seed round led by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), and RAED Ventures. The funding round also included anb seed, Rua Ventures, Byld and KBW Ventures, and investors from previous rounds, such as Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com.

Founded in 2021, 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 spending, 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 enhance our offering further, 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. “We aim to empower stakeholders within companies to make informed decisions at the right time while providing finance teams with the tools they need to enforce company spending policies effectively. By doing so, we aim to help businesses decentralize spend while enhancing control and driving growth.”

SiFi’s Saudi-based affiliate, Alhulul Almobassatah Financial Company, recently received an Electronic Money Institution (EMI) license from the Saudi Central Bank. 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 organizations manage their finance, enabling them to make informed decisions, optimize their spending, and drive growth like never before.

Commenting on the round, a spokesperson for Sanabil Investments said, “What attracted us to SiFi was threefold: its outstanding team, compelling product offering, and the largely underserved market in Saudi Arabia, where businesses are increasingly recognizing 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.”

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