Simplified Financial Solutions “SiFi” has achieved a significant milestone by closing an investment round worth $10 million. This round was led by Sanabil Investments, owned by the Public Investment Fund, and Raed Ventures, reflecting strong confidence in SiFi’s capabilities and innovative business model.
SiFi expressed its pride and gratitude to its partners, clients, and investors, considering them the cornerstone that enables it to provide innovative expense management solutions. Thanks to these strong partnerships, SiFi can deliver top-tier services to various entities in the region.
Launched in 2021, Simplified Financial Solutions is a leading fintech company that offers simplified financial management solutions to companies across various sectors in Saudi Arabia. The company aims to address the challenges companies face in controlling and managing their expenses by providing financial solutions that enhance expense efficiency. These solutions include card issuance, real-time expense tracking, implementation of company financial policies, as well as automating and preparing expense reports with the ability to integrate with accounting systems.
Ahmed Al-Haqbani, the founder and CEO of SiFi, commented: “We are delighted to close this important round and gain the support of strategic partners, enabling us to provide exceptional value to our clients and establish our position as a fundamental solution for expense management. Our goal is to empower stakeholders within companies to make timely and informed decisions, and to equip the financial management team with tools that help address challenges in financial control, expense management, budgeting, and cost accounting effectively.”
SiFi’s sister company, Simplified Financial Solutions, recently obtained the Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA). This license allows the company to offer e-wallet services, enabling users to store and manage funds digitally. Consequently, SiFi is redefining financial management for organizations to enhance spending and achieve unprecedented growth.
A spokesperson from Sanabil Investments commented on the round, saying: “What attracted us to SiFi were three things: its distinguished team, the vast potential of the platform, and the underserved market in Saudi Arabia. Companies increasingly recognize the need for more efficient financial management tools. We look forward to supporting their next growth phase and helping them seize the opportunities ahead.”
Omar Al-Majdouie, co-founder of Raed Ventures, added: “Expense management for companies in Saudi Arabia and the GCC is undergoing a transformative phase, with companies increasingly seeking more efficient and transparent solutions. The SiFi platform meets this need by offering comprehensive innovative tools for expense management, enabling organizations to optimize their financial operations. Under the leadership of Mr. Ahmed Al-Haqbani, we believe SiFi has tremendous potential to revolutionize the financial landscape in Saudi Arabia, and we are excited to support them on this journey.”
With this new investment, SiFi plans to expand its services and develop its innovative technologies, enabling it to provide more efficient and effective solutions to its clients.
