SIFI, a Saudi Arabia-based FinTech company, has closed its pre-seed round on an undisclosed amount.
Khwarizmi Ventures served as the lead investor, with commitments also coming from Breyer Capital and unnamed angel backers.
Founded in 2021 by Ahmed AlHakbani, SIFI helps companies of all sizes to improve their expense management. Users can leverage both physical and virtual cards, with each having the ability to set individual spending limits. Its features also include the ability to easily manage expenses, quickly submit forms, set up recurring payments, conduct international money transfers and more.
SIFI is currently in its pre-launch stage.
SiFi founder and CEO Ahmed AlHakban said, “We aim to democratise 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.”
There have been multiple Saudi Arabia-based FinTech companies to raise funds in 2022.
Sanad Cash closed a $1.6m seed round in January to support its position in the market and hire more staff. The company offers on-demand payment and spend management services.
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