Riyadh-based fintech Simplified Financial Solutions Company (SiFi) has raised $20 million in a Series A funding round led by Ra’ed Ventures, with participation from global fintech investor QED Investors, existing backer Breyer Capital, regional firm MEVP, and local investors including Sanabil Investments, Khawarizmi Ventures, SEEDRA Ventures, Rua Growth Fund, anb capital, and Tech Invest Com.
The Series A follows a $10 million seed round raised in 2024, which was led by Sanabil Investments alongside Ra’ed Ventures and marked the first time Sanabil directly led a seed-stage investment. That round supported SiFi’s initial product build and market entry, laying the foundation for its rapid commercial traction.
Founded in 2021 by Ahmed Alhakbani, former Governor of Saudi Customs and Deputy Minister for Foreign Trade, SiFi operates through its Saudi-regulated affiliate Alhulul Almobassatah Financial Company and powers one of the Kingdom’s leading spend management platforms. The company enables finance teams to automate expense management, issue corporate cards instantly, and execute vendor payments with real-time visibility and policy controls.
SiFi has seen strong momentum over the past year, claiming to have grown total payment volumes by more than 5x in under 12 months and now serving over 3,500 organisations across Saudi Arabia, spanning both private sector enterprises and government entities.
“Our growth is driven by customer obsession,” said Ahmed Alhakbani, co-founder and CEO of SiFi. “We exist to remove the operational pain finance teams live with, and this funding enables us to keep building practical, high-impact solutions that truly simplify finance.”
Omar Almajdouie, founding partner at Ra’ed Ventures, said SiFi’s momentum reflects strong execution in a fast-growing market. “What stands out is the founders’ clarity of vision and ability to consistently deliver scalable solutions that solve real customer needs. We are proud to lead this round and support SiFi as it enters its next phase of growth.”
The Series A brings SiFi’s total funding to over $34 million. The company plans to deploy the capital to expand its market presence, enhance AI-powered workflows, and evolve its platform into a full-suite finance management solution for enterprises in the Kingdom and beyond.
