Saudi Arabia-based fintech company Simplified Financial Solutions Company (SiFi) has secured funds in a pre-seed round in order to launch its products and services.
The funding round was led by Saudi-based venture capital firm Khwarizmi Ventures (KV), with participation from Breyer Capital (BC) and other angel investors, according to the statement.
Established in 2021, SiFi is currently in its pre-launch stage. The company aims to empower companies from startups and SMEs to government and large enterprises in order to manage their expenses with better visibility and savings.
Furthermore, SiFi provides a Financial Management Solution to issue virtual and physical corporate cards with built-in rules, automate expense reporting, and reconcile accounting automatically through built-in integration capabilities with major accounting systems.
According to the statement, “As SMEs struggle to control and manage their corporate spend and expenses, they use a combination of personally-owned debit cards, hard-to-manage petty cash, cumbersome expense claims review, and manual accounting entries.”
This practice leads to challenges ranging from reduced visibility and control to time-consuming budgeting and accounting overheads and errors.
Mr. Ahmed AlHakbani, Founder & CEO of SiFi commented that, “We aim to democratize the corporate card and have it accessible to all corporates and government entities to manage their expenses effectively. There are many use cases we could solve with the use of corporate cards, and we’ll make sure that SiFi is a market leader in this space.”
“With the continuous growth of cashless payments in Saudi along with the national direction for digital adoption, we see SiFi tackling the underlying challenges by simplifying financial management for different entities in Saudi and beyond,” said Mr. Yasser AlKadi, Founding Partner at Khwarizmi Ventures.
Related: Abu Dhabi’s Help AG & Owl Cyber Defense unite to offer network protection