SiFi, a Riyadh-based spend-management company, raised a $20m Series A round announced on 9 February 2026. Ra'ed Ventures led the round, and QED Investors, Breyer Capital, MEVP, Sanabil Investments, Khawarizmi Ventures, SEEDRA Ventures, Rua Growth Fund, anb capital and Tech Invest Com took part. No valuation was disclosed.
The company's legal name is Simplified Financial Solutions Company, and it operates in the kingdom through an affiliate, Alhulul Almobassatah Financial Company. The round follows a $10m seed round, which BridgeMENA dated to 2024, and brings total funding to more than $34m. According to BridgeMENA, SiFi also acquired Neya, a company based in the United Arab Emirates, in 2025. No terms of that deal were given.
“Our growth is driven by customer obsession.”Ahmed AlHakbani, Co-founder and CEO, SiFi
What SiFi does
SiFi offers a platform that combines corporate cards, expense management and vendor payments. Its cards come in virtual and physical form with instant issuance, and the platform lets finance teams set and enforce spending policies, automate expense reports and see spending in real time with analytics. BridgeMENA described the platform as a single product that lets teams log expenses as they happen, pay suppliers directly and simplify finance work. SiFi's own website describes it as licensed by the Saudi Central Bank and lists reimbursements, accounting automation and local payments among its tools.
The company was founded in 2021, according to Wamda, and is led by co-founder and chief executive Ahmed AlHakbani. It is based in Riyadh.
Traction
SiFi said it serves more than 3,500 organisations across Saudi Arabia, including large private companies and major government entities. It said total payments volume grew more than fivefold in under a year. The company did not disclose revenue or headcount. MENA Startup Digest, which cited the news outlet Jawlah, said its clients range from leading private-sector companies to major government entities, and no client names were given.
AlHakbani said the company's growth is driven by customer obsession. Omar Almajdouie, founding partner at Ra'ed Ventures, said SiFi has shown exceptional execution and strong momentum in a rapidly expanding market. He also praised the founders' clarity of vision, operational excellence and ability to consistently deliver, according to MENA Startup Digest.
Who invested
QED Investors is a global fintech investor, Breyer Capital is an existing backer of SiFi, and MEVP is a regional venture firm, according to Wamda. The remaining participants named in the release are Saudi investors: Sanabil Investments, Khawarizmi Ventures, SEEDRA Ventures, Rua Growth Fund, anb capital and Tech Invest Com.
What the money is for
SiFi said it will use the capital for three things: expanding its market presence, deepening the AI-powered tools it offers finance teams, and adding finance workflows so that it becomes a full-suite finance management platform. BridgeMENA described the plan as expansion in Saudi Arabia, stronger AI-driven tools for finance teams and new solutions on the way to a fully integrated financial management platform. The company has not said how much it plans to spend on each, or how many people it plans to hire.
Company website: sifi.app