Riyadh - Sharikat Mubasher: Saudi Arabia’s Simplified Financial Solutions Company (SiFi) closed a $10 million seed round led by Sanabil Investments and Raed Ventures, with participation from new and existing investors, the company unveiled in a press release.

Anb Seed, Rua Ventures, Byld, and KBW Ventures participated in the round along with previous investors, including Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com.

This investment will fuel the company’s strategies to enhance its offering, deliver greater value to customers, and cement its position as the go-to spend management solution in Saudi Arabia.

SiFi offers a full 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.

Ahmed Alhakbani, Founder and CEO of SiFi, stated that the company aims to empower stakeholders within companies to make informed decisions at the right time while providing finance teams with the tools they need to effectively enforce company spending policies.

Commenting on the round, a spokesperson for Sanabil Investments said: “What attracted us to SiFi was three-fold: its outstanding team, compelling product offering, and the largely underserved market in Saudi as businesses are increasingly recognizing the need for more efficient financial management tools.”

SiFi targets redefining the way organizations manage their finance and enabling them to make informed decisions, optimize their spending, and drive growth like never before.