SiFi
Riyadh-based fintech offering corporate cards, expense management and vendor payments to businesses in Saudi Arabia. It announced a $20M Series A in February 2026.
Industry: Spend management and corporate cards | Location: Riyadh, Saudi Arabia | Founded: 2021 | Total Funding: USD 30M
About SiFi
SiFi, formally Simplified Financial Solutions Company, is a Riyadh-based fintech that provides a unified spend management platform for businesses in Saudi Arabia. It brings corporate cards, automated expense management and vendor payments into one digital system, giving finance teams real-time visibility over spending, stronger policy enforcement and more streamlined workflows. Companies can issue virtual and physical Mastercard corporate cards to employees, with spending limits and category and security controls. The company operates in the Kingdom through its Saudi affiliate, Alhulul Almobassatah Financial Company. SiFi was founded in 2021. Its co-founder and chief executive is Ahmed Alhakbani, who previously led Saudi Customs and served as deputy minister for foreign trade. IBS Intelligence reported in September 2023 that the Saudi Central Bank (SAMA) had granted the company an electronic money institution licence, and SiFi says the licence was upgraded to a Major EMI licence in September 2024. The company raised an earlier pre-seed round led by Khwarizmi Ventures. In June 2024 it closed a USD 10 million seed round led by Sanabil Investments, a Public Investment Fund company, together with Ra'ed Ventures. Participants included anb seed, Rua Ventures, Byld and KBW Ventures, alongside earlier backers Khwarizmi Ventures, SEEDRA Ventures and Tech Invest Com. In February 2026 SiFi announced a USD 20 million Series A led by Ra'ed Ventures. Other participants were QED Investors, Breyer Capital, MEVP, Sanabil Investments, Khawarizmi Ventures, SEEDRA Ventures, Rua Growth Fund, anb capital and Tech Invest Com. The raise brings total funding to more than USD 34 million. Omar Almajdouie, founding partner at Ra'ed Ventures, said SiFi had shown exceptional execution and strong momentum in a rapidly expanding market. According to SiFi's own announcement, total payments volume grew more than five times in under a year, and the company now serves over 3,500 organisations in Saudi Arabia, including private sector firms and government-related entities. The new capital will go toward expanding its footprint across the Kingdom, strengthening its technology stack and deepening AI-powered capabilities for finance teams. The company has said it will add further financial workflows as it moves from a standalone spend tool toward a full-suite finance management platform, targeting manual reconciliation, fragmented payments and a lack of centralised financial control in corporate finance departments.
Leadership
- Rami Panayoti, Co-founder and Chief Business Officer
- Ali Almanqour, Non-executive Board Member