Saudi Fintech SiFi Raises $20M Series A to Scale Spend Management Platform

The round was led by Ra’ed Ventures, with participation from global fintech investors QED Investors and Breyer Capital, alongside regional backers including MEVP, Sanabil Investments, Khawarizmi Ventures, SEEDRA Ventures, Rua Growth Fund, anb capital, and Tech Invest Com. The latest raise brings SiFi’s total funding to more than $34 million since launch, according to details published by Startup Researcher.

The funding comes at a moment when Saudi companies are increasingly rethinking how they manage internal spending, compliance, and financial visibility. As businesses scale and regulatory expectations tighten, finance teams are under pressure to move beyond manual processes and fragmented tools. SiFi is positioning itself at the center of that shift, offering an integrated platform designed to replace spreadsheets and disconnected expense systems with real-time controls and automated workflows.

Founded by Ahmed Alhakbani, SiFi was built around a simple premise: finance teams should not have to trade speed for control. The company’s platform combines corporate card issuance, expense management, and vendor payments into a single interface, allowing organizations to issue virtual and physical cards, enforce spending policies, and monitor transactions as they happen. By consolidating these functions, SiFi aims to reduce operational friction while giving finance leaders clearer oversight of company spend.

That value proposition appears to be gaining traction. SiFi says it now serves more than 3,500 organizations across Saudi Arabia, including private companies and government entities. The company also reports that its total payments volume has grown more than fivefold in under a year, a signal of increasing adoption as businesses migrate away from legacy processes. These figures were disclosed as part of the Series A announcement and have not been independently audited.

A key part of SiFi’s strategy is the use of automation and analytics to move beyond basic expense tracking. The platform incorporates AI-driven insights intended to help companies understand spending patterns, forecast costs, and identify inefficiencies before they become problems. This shift from retrospective reporting to proactive financial management mirrors a broader trend in enterprise software, where data is increasingly used to guide operational decision-making rather than simply record it.

From an investor perspective, the Series A reflects confidence in both the size of the opportunity and SiFi’s execution to date. Ra’ed Ventures described the company as operating in a category that remains underpenetrated in the region, despite growing demand from enterprises and SMEs alike. While Saudi Arabia has seen rapid growth in consumer fintech, enterprise-focused platforms addressing internal financial operations are only beginning to scale.

The composition of the investor group is also notable. Alongside regional capital familiar with the Saudi market, the round includes international firms with deep experience in global fintech and SaaS businesses. That mix suggests SiFi’s ambitions extend beyond local adoption, even as its immediate focus remains firmly on the Kingdom. It also reflects growing international interest in Saudi Arabia’s enterprise technology landscape, which has benefited from regulatory reform and strong government support under Vision 2030.

With the new capital, SiFi plans to expand its product offering and invest further in automation and AI capabilities. The company has indicated that funds will be used to enhance existing workflows, introduce new financial management tools, and support broader market reach within Saudi Arabia. While specific product launches have not yet been detailed publicly, the direction points toward a more comprehensive finance management stack over time.

Such an expansion would place SiFi in closer competition with traditional enterprise resource planning systems, albeit with a more focused and flexible approach. Cloud-native finance platforms have gained momentum globally by offering faster deployment and better user experience than legacy software, particularly for growing companies that need agility. In Saudi Arabia, where many businesses are scaling rapidly, that flexibility can be a decisive factor.

The broader environment is working in SiFi’s favor. Saudi regulators, including the Saudi Central Bank, have actively encouraged fintech innovation while maintaining oversight of financial services. This balance has helped create a market where new platforms can emerge without undermining trust, a critical consideration for enterprise finance products.

SiFi’s Series A does not just mark another funding milestone; it reflects a deeper shift in how Saudi companies are approaching internal financial operations. As digital transformation moves from front-end customer experiences to core back-office functions, platforms that bring efficiency, transparency, and control to spending are becoming infrastructure rather than optional tools.

SiFi’s ability to turn early momentum into long-term market leadership will hinge on how effectively it scales, deepens its product offering, and continues to meet the demands of increasingly sophisticated finance teams. The $20 million raise places the company among the more closely watched enterprise fintech players in the Kingdom, as Saudi Arabia’s business software ecosystem continues to take shape.