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His Excellency, the Entrepreneur
H.E. Ahmed Alhakbani, Founder & CEO of SiFi
The Founder's Shift: From Governor to Startup Builder
Before SiFi became one of Saudi Arabia's most promising fintech platforms, it began with a founder who had seen the financial system from the highest levels of government. Ahmed Alhakbani spent two decades inside some of the Kingdom's most consequential and global institutions: starting at Microsoft in 2000, moving into the national e-government program Yusur as its first non-executive hire, returning to the private sector at Cisco, earning an MBA at INSEAD, and then spending a decade in public service that took him through the Ministry of Foreign Affairs, where he served as Head of Exports, the founding leadership of the Saudi Export Development Authority, a dual role as Deputy Minister across two ministries, and finally four years as the first Governor of the General Authority of Customs from 2017 until 2021, as the Authority was later merged with the General Authority of Zakat and Income into one authority.
What distinguishes his journey is the decision, in March 2021, to step away from that career entirely and pursue building a company from scratch, He had made peace with the odds beforehand: nine in ten startups don't survive, and if his didn't either, he considered that a lesson rather than a verdict. Having witnessed firsthand how outdated financial processes slowed organizations down, Ahmed transitioned from overseeing institutions to building solutions, laying the foundation for SiFi's mission and culture.
A Structural Problem Holding Businesses Back
As businesses across Saudi Arabia grew and evolved, many financial processes struggled to keep pace. Small and medium-sized businesses often managed expenses through manual reimbursements, scattered receipts, email-based approvals, and disconnected tools, creating unnecessary administrative work, limited visibility, and slower financial processes. Ahmed Alhakbani experienced this challenge firsthand while working at Customs, where his own finance team wrestled with managing employee advances and reimbursements across multiple locations often relied on spreadsheets and manual processes. It was a specific, personal frustration that pointed to a much larger and underserved problem across the market. What began as a practical challenge highlighted a broader need for simpler, more connected ways to manage everyday expenses and financial operations.
SiFi Booth at Money 20/20
15 September 2025
A Clear Problem, a Bold Solution
His first instinct was to build an e-wallet, following the wave of licenses the Saudi Central Bank had begun issuing. He found that market already crowded, racing for the same customers, and decided against walking into what he calls a red ocean. Instead, he returned to the narrower problem he understood best: how companies manage advances, expenses, and internal spend, a gap with proven billion-dollar models abroad but no real Saudi equivalent.
Founded in 2021, SiFi brings expense management, corporate cards, real-time spend visibility, and accounting automation into a single cohesive platform. By replacing scattered tools with an integrated ecosystem, SiFi enables immediate transaction visibility, consistent policy enforcement, and accurate financial tracking. Licensed by the Saudi Central Bank (SAMA), the platform combines innovation with regulatory trust, positioning SiFi as reliable financial infrastructure rather than just another app.
'SiFi Card' Corporate cards, live limits, instant receipts
From Pre-Seed to Proof: Khwarizmi's Early Conviction
Our thesis on SiFi began with sector research that surfaced a structural gap in fintech: SMEs need financial solutions that go well beyond expense management. This research sharpened our understanding of the problem and the scale of the opportunity. From there, we built strong conviction in the founder, and his vision, execution ability, and deep market insight made him the right person to build broader financial infrastructure for SMEs. A clear market gap, a real underlying problem, and strong founder conviction together formed the basis of our investment.
These two fundamentals, a clearly defined problem and a strong founder, formed the basis on which we backed SiFi at the pre-seed stage. Even before product launch, traction, or licensing, SiFi addressed a real and persistent pain point in SME financial operations, expense management, and petty cash, within a large and underserved market. This conviction was reinforced by proven global models and a regulatory environment in Saudi Arabia that actively supports fintech innovation within a compliant framework.
H.E. Ahmed Alhakbani, Founder & CEO of SiFi, with Khwarizmi Ventures’ Founding Partners, Yasser AlKadi and Dr. Ibrahim Almojel, at Khwarizmi Ventures HQ
22 May 2026
Momentum and Market Validation
Following approval and licensing by the Saudi Central Bank, SiFi accelerated its market presence and rapidly expanded its client base. Companies were not just adopting the platform; they were relying on it. Building on this momentum, we doubled down on SiFi in its $10 million Seed round in 2024, alongside Sanabil Investments, while welcoming Ra'ed Ventures and other regional investors. The funding enabled SiFi to strengthen its platform, deepen automation, and scale across the Kingdom.
That trajectory continued in February 2026 as we continued backing SiFi in its $20 million Series A alongside new investors. By early 2026, SiFi was serving more than +6,500 organizations across the Kingdom, spanning private enterprises and government entities, with payment volumes growing more than fivefold in under a year. The company also secured a Major Electronic Money Institution (Major EMI/AMI) license from the Saudi Central Bank, further strengthening its regulatory position and enabling the expansion of its financial services offering.
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AlFursan Partners with SiFi
14 April 2026
Today, SiFi serves leading organizations across government entities such as GACA, enterprises such as PIF and Nesma, and SMEs. Beyond scaling its payments infrastructure, SiFi launched Saudi Arabia's first corporate cashback and rewards program for businesses and employees, reinforcing its position as a comprehensive financial platform. Most recently, SiFi partnered with AlFursan to redefine corporate loyalty for SMEs, extending its rewards ecosystem even further. Mastercard also partnered with SiFi to empower businesses in Saudi Arabia, reinforcing its growing regional footprint, proof that the conviction we held at the pre-seed stage has only grown stronger with time.
Mastercard partners with SiFi
16 October 2023
Looking Ahead
SiFi is no longer a bet; it's a track record. In just three years, the company has grown to serve more than 6,500 organizations, scaled payment volumes fivefold, and raised $30 million to continue scaling. What started as a focused solution is quickly becoming a broader financial platform for the region’s growing businesses. The next chapter goes beyond expense management: working capital, lending, payroll, and a true financial operating system for SMEs across the region. We placed our trust in a visionary founder early on, and the results have more than validated that conviction. This is just the beginning.
H.E. Ahmed Alhakbani, Founder & CEO of SiFi, with H.E. Abdullah Alswaha, Minister of Communications and Information Technology
15 September 2025
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