SiFi secures $10M seed funding milestone

Saudi Arabia-based fintech company Simplified Financial Solutions Co. has secured a significant milestone by completing a $10 million seed funding round. The round was led by Sanabil Investments and RAED Ventures, with participation from anb seed, Rua Ventures, Byld, and KBW Ventures, along with existing investors Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com. Founded in 2021 by Ahmed Al-Hakbani, SiFi offers innovative corporate spending management solutions, including smart corporate cards, real-time spending insights, and automated expense management workflows.

Expressing enthusiasm about the funding, SiFi's CEO, Ahmed Al-Hakbani, highlighted the support from key partners and outlined plans to enhance the company's offerings, deliver more value to customers, and strengthen its position as a leading spend management solution in Saudi Arabia. SiFi aims to empower organizational stakeholders with informed decision-making tools and assist finance teams in effectively enforcing spending policies.

Investment Landscape in MENA Region

The Middle East and North Africa region experienced a notable surge in investment activity in May, with 40 startups collectively raising $282 million. Debt financing played a significant role in this increase, contributing nearly half of the total funding. Despite the monthly rise, the year-on-year deal value showed a decline, with UAE-based Property Finder securing the largest investment with a $90 million debt round.

Startups in the UAE attracted the highest investments, followed by Saudi and Egyptian startups. The proptech sector led in funding, followed by fintech, logistics, agritech, and software as a service startups. The venture capital landscape in the region focused on later-stage rounds, with a notable number of deals at the series A and pre-series A stages.

Diversity and Innovation in MENA Startup Ecosystem

While male founders continued to dominate investments, there was an increase in deals involving startups co-founded by both males and females. The region also witnessed the establishment of new funds, signaling a growing interest in supporting startups and fostering innovation.

In a separate development, UAE-based AI startup qeen.ai secured $2.2 million in pre-seed funding led by Wamda Capital. Founded in 2023, qeen.ai specializes in providing AI solutions tailored for e-commerce businesses in the MENA region.

Conclusion

The successful funding round for SiFi underscores the growing momentum of fintech startups in Saudi Arabia and the broader MENA region. With a focus on innovation, empowerment, and financial efficiency, SiFi is poised to make a significant impact in the corporate spending management space. The evolving investment landscape and increasing diversity in startup leadership signal a promising future for entrepreneurship and technological advancement in the region.