Saudi Fintech SiFi Closes $10M Seed Round
In a major development, Saudi Arabia-based fintech Simplified Financial Solutions Co. has successfully closed a $10 million seed round led by Sanabil Investments and RAED Ventures. Other participants included anb seed, Rua Ventures, Byld, and KBW Ventures, along with previous investors Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com. Founded in 2021 by Ahmed Al-Hakbani, SiFi is a business-to-business spending management platform offering smart corporate cards, real-time insights into corporate spending, and automated expense management workflows.
CEO of SiFi, Ahmed Al-Hakbani, expressed his excitement about the funding round, stating, “We are thrilled to have closed this significant round and gained the support of such prominent and strategic partners. This funding will enable us to further enhance our offering, deliver even greater value to our customers, and cement our position as the go-to spend management solution in Saudi Arabia.”
MENA Startup Investment Skyrockets in May 2024
The Middle East and North Africa region witnessed a significant surge in startup investment in May 2024, with a total of 40 startups raising a staggering $282 million. This marked a 413 percent increase compared to April’s $55 million. The growth was primarily driven by debt financing, accounting for nearly $140 million of the total raised. Despite the monthly growth, the year-on-year deal value saw a notable decline of 58 percent.
UAE’s Property Finder led the investment with a $90 million debt round, followed by Huspy and Keyper securing $37 million and $34 million, respectively. UAE-based startups received the majority of investments, with Saudi startups and Egyptian startups following closely behind.
UAE AI Startup qeen.ai Raises $2.2M in Pre-Seed Funding
In another exciting development, UAE-based AI startup qeen.ai has successfully secured $2.2 million in a pre-seed funding round led by Wamda Capital. Founded in 2023 by Dina Al-Samhan, Ahmad Khwileh, and Morteza Ibrahimi, qeen.ai focuses on providing accessible and autonomous AI solutions tailored to e-commerce businesses.
Fadi Ghandour, CEO of Wamda Capital, expressed his confidence in qeen.ai, stating, “We believe that qeen.ai is well poised to achieve substantial growth and success, as it fulfills a crucial market need by providing businesses with accessible AI solutions that can significantly improve their revenue.”
Elevate Secures $5M in Pre-Series A Funding
London and Dubai-based fintech company Elevate has also made headlines by securing $5 million in a pre-series A funding round. Founded in 2021 by Khalid Keenan, Faris Keenan, and Youcef Oudjidane, Elevate offers debit cards for online spending and aims to address common challenges faced by freelance professionals.
The platform has attracted over 150,000 users from Asia and North Africa and plans to expand into the Middle East and Africa with the newly raised funds. Elevate facilitates seamless payments from US and international employers and major freelancing platforms, making it a promising player in the fintech space.