Alhulul Almobassatah Financial Company
Riyadh-based company that operates SiFi, a spend management platform with corporate cards and vendor payments, and holds an Electronic Money Institution licence from the Saudi Central Bank.
Industry: Spend management and electronic money | Location: Riyadh, Saudi Arabia | Founded: 2021 | Total Funding: USD 30M
About Alhulul Almobassatah Financial Company
Alhulul Almobassatah Financial Company is the Saudi legal entity behind SiFi, a Riyadh-based spend management platform for businesses. SiFi's website names the company as the owner of the SiFi trademarks and gives commercial registration number 1010720399. Funding announcements describe it as the Saudi affiliate of Simplified Financial Solutions Company, the name under which SiFi announced its rounds, and the Arabic text of the SiFi website says Simplified Financial Solutions Company is licensed by the Saudi Central Bank.
SiFi was founded in 2021 by Ahmed Alhakbani, who is chief executive and vice chairman. His SiFi biography lists earlier roles as Governor of Saudi Customs, deputy minister of foreign trade at the Ministry of Commerce and Investment, and business development manager at Cisco Systems. Dr. Abdulrahman bin Mohammed Albarrak chairs the board, and Ali bin Abdulkarim Almanqour, founder of Msegat Communication, is a non-executive board member.
The platform combines corporate cards, automated expense management and vendor payments. Its website also lists reimbursements, accounting automation, subscription management, rewards, mobile apps and an AI assistant. In February 2026 the company said it served more than 3,500 organizations in Saudi Arabia, from private companies to government entities.
In June 2024 TechCrunch reported that SiFi had received an Electronic Money Institution licence from the Saudi Central Bank the previous year and planned to use it for e-wallets and smart corporate cards.
SiFi raised a 10 million dollar seed round in June 2024, led by Sanabil Investments and RAED Ventures with anb Seed, Rua Ventures, Byld and KBW Ventures, alongside existing backers Khwarizmi Ventures, Seedra Ventures and Tech Invest Com. On 9 February 2026 it announced a 20 million dollar Series A led by Ra'ed Ventures, with QED Investors, Breyer Capital, MEVP and its existing local investors. The company puts total funding at more than 34 million dollars.
The February 2026 announcement said total payments volume grew more than fivefold in under a year. The company said it plans to expand its market presence, deepen AI features for finance teams and add finance workflows to become a full-suite finance management platform.
Leadership
- Ali Almanqour, Non-executive Board Member