These new funds will help SiFi launch its automated financial solutions and explore new market possibilities.
The fintech space in MENA witnessed unprecedented VC funding growth in 2021. In the more established markets including KSA, fintech has served as a driver for innovation and growth across a number of key sectors, while also playing a pivotal role in equipping SMEs with new financial tools that increase visibility and enable smart solutions for managing corporate spending. Saudi-based Simplified Financial Solutions Company (SiFi) is the latest fintech to raise an undisclosed amount in its pre-seed funding round led by Khwarizmi Ventures (KV) with participation from Breyer Capital (BC) and other angel investors. These new funds will help SiFi launch its automated financial solutions and explore new market possibilities.
Born in 2021, SiFi was founded by CEO Ahmed AlHakbani and has set forth on a mission to transform the corporate spending process by offering financial solutions that include issuing corporate cards that control and identify spending by any employee in the company also known as a CaaS (Cards-as-a-service). It will decentralize, accelerate and even has the potential to automate the entire corporate spending process that is usually highly fragmented and doesn’t follow a set structure.
Through its ‘Financial Management Solution’, SiFi issues both physical and virtual corporate cards that have built-in rules, control spending and automate expense reporting. “We aim to democratize the corporate card and have it accessible to all corporates and government entities to manage their expenses effectively. There are many use cases we could solve with the use of corporate cards, and we’ll make sure that SiFi is a market leader in this space,” says Founder and CEO AlHakbani.
This platform-launching investment coupled with the rapid adoption of digital payments on a national scale in Saudi will enable SiFi to tackle the fundamental challenges faced by SMEs in financial management in the kingdom and possibly beyond.