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Saudi’s SiFi raises $10 million seed for its spend administration platform

Saudi’s SiFi raises $10 million seed for its spend administration platform 

Riyadh-headquartered fintech SiFi has raised $10 million in a seed spherical led by Public Funding Fund’s Sanabil Investments, and Raed Ventures, it introduced in an announcement immediately. The spherical was additionally joined by ANB seed (a seed fund by ANB Capital, the funding arm of Arab Nationwide Financial institution), Saudi’s Rua Ventures, Dubai-based Byld Ventures, and Khalid bin Alwaleed’s KBW Ventures. It additionally contains participation from present traders; Saudi-based Khwarizmi Ventures, Seedra Ventures, and Tech Make investments Com.

Sanabil which led the spherical has been investing actively in Saudi startups however it’s the first they’ve led a seed spherical immediately. (They run a program with 500 Startups, Sanabil 500 MENA Seed Accelerator, by way of which they’ve invested at seed and even earlier levels in numerous regional startups not directly).

Based in 2021 by Ahmed Alhakbani who was beforehand Governor of Saudi Customs, and Saudi’s Deputy Minister for Overseas Commerce, SiFi (or Simplified Monetary Options Firm) is a spend administration platform that allows companies to automate their expense processes, with its company playing cards for workers.

The startup which claims to be the primary spend administration fintech to be licensed by Saudi’s central financial institution permits corporations to problem Mastercard company (digital and bodily) playing cards to its staff by way of its platforms that can be utilized anyplace on this planet. The playing cards include spend limits and totally different controls like class and safety restrictions.

SiFi’s platform permits finance groups in organizations to trace bills real-time, set workforce budgets with customized insurance policies, and monitor and management the spend with totally different controls and reviews. The platform will quickly additionally add automated reconciliation that may include direct integrations for main accounting software program, based on its web site.

The fintech additionally affords reimbursment administration by way of its platform, enabling staff to submit reimbursment requests by simply snapping the receipts. They’ll additionally observe the standing of request on the app. The supervisor and the finance groups can approve or reject the requests by way of the SiFi net or cellular apps.

In an announcement, the startup mentioned that its Saudi affiliate Alhulul Almobassatah Monetary Firm lately obtained an Digital Cash Establishment (EMI) license from the Saudi Central Financial institution (SAMA), “This enables the corporate to offer e-wallet companies, enabling customers to retailer and handle cash by digital means,” famous the assertion.

Ahmed Alhakbani, Founder and CEO of SiFi, commenting on the funding, mentioned, “We’re thrilled to have closed this vital spherical and gained the help of such outstanding and strategic companions. This funding will allow us to additional improve our providing, ship even larger worth to our prospects, and cement our place because the go-to spend administration answer in Saudi Arabia.”

“Our intention is to empower stakeholders inside corporations to make knowledgeable choices on the proper time whereas offering finance groups with the instruments they should successfully implement firm spend insurance policies,” he added

The opposite notable spend administration platforms within the area embrace Dubai-based Pluto and Qashio. The latter partnered with a Saudi financial institution in 2023 to roll out its options within the nation. The web site, nevertheless, doesn’t have any particulars on their operations in Saudi. Each these corporations are serving shoppers in Saudi.

A spokesperson for Sanabil Investments, commenting on the spherical, mentioned, “What attracted us to SiFi was three-fold: its excellent workforce, compelling product providing, and the largely underserved market in Saudi as companies are more and more recognizing the necessity for extra environment friendly monetary administration instruments. We look ahead to supporting their subsequent section of progress and to assist them seize the chance forward.”

Omar Almajdouie, the Founding Associate at Raed Ventures, mentioned, “Expense administration for enterprises in Saudi Arabia and the GCC is at a transformative stage, with companies more and more searching for extra environment friendly and clear options. SiFi’s progressive platform addresses this crucial want by providing complete spend administration software program instruments that empower organizations to optimize their monetary processes.”

The Saudi startup plans to make use of the most recent funds to gasoline its progress.

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