SiFi Fuels Expansion with $20M Series A to Dominate Saudi Fintech Scene

Mohammed Fathy

Last updated 9-02-2026

3 min

SiFi closed a $20 million Series A, led by Raed Ventures.

Its expense management platform offers 'real-time visibility', analytics, corporate cards and supplier payments.

Payments jumped over fivefold, serving 3,500 organisations, including government clients.

The CEO says capital will remove 'day-to-day friction', not add flashy features.

Plans include Saudi expansion, deeper AI capabilities, amid an increasingly crowded market.

Saudi fintech SiFi is stepping on the gas after closing a $20 million Series A round, a move that underlines just how fast expense management is becoming big business in the Kingdom. The round was led by Raed Ventures, with backing from a mix of global and regional names including QED Investors, Breyer Capital, Middle East Venture Partners (MEVP), Sanabil Investments, Khwarizmi Ventures, Sidra Ventures, Rua Growth Fund, anb capital and Saudi Technology Ventures.

SiFi operates as the Saudi sister company of Simplified Financial Solutions, offering an expense management platform aimed squarely at finance teams who are tired of juggling spreadsheets and manual approvals. The product blends automated expense tracking, real-time visibility and analytics, alongside instant corporate card issuance and direct supplier payments. In plain terms, it helps companies see where their money is going, without it turning into a bit of a faff.

Growth has come thick and fast. In less than a year, total payment volumes have jumped more than fivefold, and the platform now serves over 3,500 organisations across Saudi Arabia. That list spans private sector heavyweights and government entities alike, which says a lot about trust in a market where reputation really matters. At Arageek, we’ve seen many startups dream of landing government clients, and let me tell you, it’s no walk in the park.

H.E. Ahmed Al-Hagbani, co-founder and CEO, put the focus firmly on customers, saying the company was built to remove the day-to-day friction finance teams face. According to him, the fresh capital will allow SiFi to double down on practical tools that simplify financial management rather than layering on flashy features for the sake of it. Honestly, I reckon that mindset is spot on, especially in fintech, where overengineering can be a real trap.

From the investor side, Omar Almajdouie, co-founder at Raed Ventures, pointed to the team’s execution and clarity of vision as key reasons for leading the round. He noted that SiFi has shown consistent momentum in a rapidly growing market and is well positioned to scale further with the support of both new and existing backers.

This Series A comes after a $10 million seed round that helped fund early product development and market entry, taking total funding to more than $34 million so far. And believe it or not, the plans ahead are just as ambitious. The company intends to expand further across Saudi Arabia, deepen its AI-powered capabilities for finance teams, and roll out more integrated financial products as the platform evolves into a broader financial management system.

On the flip side, the expense management space is getting crowded, and competition won’t get any kinder. Still, with strong local roots, a clear regulatory focus, and traction to back it up, SiFi looks well placed for the next chapter—even if scaling always brings a few growing pains… well, thats startup life, you know?

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