Home Startup SiFi Secures $10 Million in Seed Funding

SiFi Secures $10 Million in Seed Funding

With this funding, SiFi aims to further enhance its offerings in Saudi Arabia.

By Inc.Arabia Staff
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Saudi Arabian fintech company Simplified Financial Solutions Company (SiFi) has closed a $10 million Seed round. Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), and RAED Ventures led the round, along with participation from notable investors including anb seed, Rua Ventures, Byld, and KBW Ventures. Previous investors Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com, also contributed to the funding.[1]

Founded in 2021 by Ahmed Alhakbani, SiFi specializes in B2B spending management solutions, offering features such as smart corporate cards, real-time spend insights, and automated expense management workflows. The company's Saudi-based affiliate, Alhulul Almobassatah Financial Company, recently obtained an Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA), enabling the provision of e-wallet services for users.

With this funding, SiFi aims to further enhance its offerings in Saudi Arabia.

KSA fintech's $224 million initial public offerings (IPOs) have attracted $29 billion in orders so far this year.

This included the IPO of Saudi Manpower Solutions Company (Smasco) which garnered over $30 billion in orders. At the same time, Dr. Soliman Abdel Kader Fakeeh Hospital Company, known as Fakeeh Care Group’s (FCG), IPO attracted $91 billion in orders, one of the highest figures for Saudi IPOs raising over $500 million.

Saudi Arabian Rasan Information Technology Co. has attracted significant investor interest for its initial public offering (IPO), amassing orders worth approximately $29 billion. The IPO was 129.1 times oversubscribed.

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