Saudi fintech SiFi closes pre-Seed round led by Khwarizmi Ventures
Saudi Arabia-based fintech Simplified Financial Solutions Company (SiFi) has raised an undisclosed pre-Seed round led by Khwarizmi Ventures with participation from Breyer Capital and other angel investors.
Founded in 2021 by Ahmed AlHakbani SiFi offers startups and SMEs financial management solutions including the ability to issue virtual and physical corporate cards, manage spending and automate expense reporting.
The investment will be used to fund its launch and develop its products and services.
Simplified Financial Solutions Company (SiFi) announced the closing of its of undisclosed funding pre-seed round led by Khwarizmi Ventures (KV), with participation from Breyer Capital (BC) and other angel investors, to launch its products and services. Based in Saudi, SiFi was founded in 2021 by Ahmed AlHakbani (Founder and CEO) and is currently in its pre-launch stage.
As SMEs struggle to control and manage their corporate spend and expenses, they use a combination of personally-owned debit cards, hard-to-manage petty cash, cumbersome expense claims review, and manual accounting entries. This practice leads to challenges ranging from reduced visibility and control to time-consuming budgeting and accounting overheads and errors.
SiFi aims to empower companies from startups and SMEs to government and large enterprises to manage their expenses with better visibility and savings. It offers a Financial Management Solution to issue virtual and physical corporate cards with built-in rules, manage spend, automate expense reporting, and reconcile accounting automatically through built-in integration capabilities with major accounting systems.
“We aim to democratise 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.” - Ahmed AlHakbani, Founder & CEO of SiFi.
“With the continuous growth of cashless payments in Saudi along with the national direction for digital adoption, we see SiFi tackling the underlying challenges by simplifying financial management for different entities in Saudi and beyond." -Yasser AlKadi, Founding Partner at Khwarizmi Ventures