Spend Management Startup SiFi on the Rise: Secures $10M Funding for Saudi Arabia Expansion

Dubai-based spend management startup SiFi has secured a $10 million Series A funding round to deepen its presence within the fast-growing Saudi Arabian market. The investment will fuel SiFi’s mission to give organizations across the kingdom enhanced visibility and control over expenditures.

Founded in 2018, SiFi has developed cloud-based software that centralizes expense data like invoices, receipts, and purchase orders. This technology facilitates spend approval workflows and delivers real-time budget oversight to decision-makers. The startup utilizes machine learning technology to extract key data from unstructured documents and seamlessly integrates with accounting systems.

To date, SiFi has reportedly helped clients save over 15% of operating costs by streamlining procurement and approvals. According to company leadership, demand for financial controls solutions is surging as businesses want visibility into spending across fragmented operations. The latest funding round was co-led by Khwarizmi Ventures and Nuwa Capital, with participation from existing investors.

As part of its expansion, SiFi will establish a new headquarters in Riyadh and hire over 50 employees in engineering, sales, marketing, and customer success roles across the Kingdom. The company currently serves clients operating in multiple sectors and sees opportunity to grow its client base by educating more Saudi organizations about the value of spend management tools.

SiFi’s platform enables frictionless financial accountability to fuel organizational growth responsibly. With its expanded presence, Saudi businesses across industries can benefit from increased spend visibility and cost savings opportunities.