Simplified Financial Solutions
Riyadh-based spend-management company, trading as SiFi, offering corporate cards, expense automation and vendor payments. It announced a USD 20 million Series A in February 2026.
Industry: Spend management and corporate cards | Location: Riyadh, Saudi Arabia | Founded: 2021 | Total Funding: USD 30M
About Simplified Financial Solutions
Simplified Financial Solutions Company, which trades as SiFi, is a Riyadh-based spend-management company for businesses in Saudi Arabia. Its platform lets companies issue virtual and physical corporate cards with spending limits, track expenses in real time, process reimbursements and vendor payments, and connect spending data to accounting systems. The company's commercial registration number is 1010720399.
TechCrunch and Wamda give 2021 as the founding year, while Sharikat Mubasher says it launched in the second quarter of 2023. Ahmed Alhakbani is co-founder and chief executive. According to the Manara programme page, he was governor of the General Customs Authority from January 2017 to March 2021. In February 2025 SiFi completed the acquisition of Neya Technologies, a Dubai expense-management company, and Neya's founders Rami Panayoti and Mohammed AlMughrabi joined as co-founders, serving as chief business officer and chief technology officer.
SiFi's regulated activity runs through its Saudi affiliate, Alhulul Almobassatah Financial Company, which received an electronic money institution licence from the Saudi Central Bank in 2023, according to TechCrunch. Its website carries testimonials from customers including Alraedah Finance and Tharwah. In April 2026 it announced a partnership with AlFursan, the loyalty programme of Saudia, that lets businesses convert cashback on eligible spending into reward miles. In September 2026 it expanded its partnership with IDEMIA Secure Transactions and launched Tap to Activate, which lets cardholders activate a new business card by tapping it on a smartphone.
SiFi announced a pre-seed round in February 2022 led by Khwarizmi Ventures with Breyer Capital and angel investors, without disclosing the amount. In June 2024 it closed a USD 10 million seed round led by Sanabil Investments and Raed Ventures. On 9 February 2026 it announced a USD 20 million Series A led by Ra'ed Ventures, with QED Investors, Breyer Capital and MEVP participating, and put total funding at more than USD 34 million.
At the Series A, SiFi said total payments volume had grown more than fivefold in under a year and that it served over 3,500 organisations. SiFi's website and a September 2026 release put the number of businesses at more than 7,000.
Leadership
- Rami Panayoti, Co-founder and Chief Business Officer
- Mohammed AlMughrabi, Co-founder and Chief Technology Officer