Saudi Spend-Management Startup SiFi Raises $20M Series A Led by Ra'ed Ventures
Saudi fintech SiFi (Simplified Financial Solutions Company) has raised a $20 million Series A led by Ra'ed Ventures. The round brings total funding to over $34 million following a $10 million seed. SiFi offers corporate cards, automated expense management and vendor payments
SiFi runs a spend-management platform that combines corporate cards, automated expense management and vendor payments to give companies control over corporate spending. The Series A was led by Ra'ed Ventures with participation from QED Investors, Breyer Capital, MEVP, Sanabil Investments, Khwarizmi Ventures, SEEDRA Ventures, Rua Growth Fund, anb capital and Tech Invest Com.
The company says it now serves more than 3,500 organisations across Saudi Arabia and grew total payments volume more than five-fold in under a year. The new capital follows its earlier $10 million seed round, bringing cumulative funding to over $34 million.