RIYADH: Saudi-based corporate expenses firm Simplified Financial Solutions Co., also known as SiFi, has completed its undisclosed funding pre-seed round.
The money raised in the round, led by Khwarizmi Ventures, KV, will be used to launch its services based around business expenses management.
Founded in 2021, SiFi is currently in its pre-launch stage, and Breyer Capital, was one of the angel investors which participated in the round, a statement showed.
SiFi offers a service whereby virtual and physical corporate cards can be issued with built-in rules, managed spend limits, automate expense reporting, and reconcile accounting automatically through built-in integration capabilities with major accounting systems.
“We aim to democratize the corporate card and have it accessible to all corporates and government entities to manage their expenses effectively,” said founder and CEO of SiFi Ahmed AlHakbani.