The cards-as-a-service start-up launched its beta version in August, for which it received strong interest from regional organisations
SimpliFi, a Dubai-based financial technology start-up, secured $5.1 million in new funding that it plans to use to expand across the Middle East, North Africa and Pakistan region.
The cards-as-a-service platform, which also has an office in Riyadh, raised the investment from Saudi-based Raed Ventures and US-based Global Founders Capital, 4DX Ventures and Rally Cap Ventures. Raed and Rally Cap had participated in a seed round earlier this year, which raised an undisclosed amount.
The start-up manages all ecosystem partners required to issue cards including banks, card schemes, processors, identity verification, card fulfilment and customer care to deliver a seamless experience across several markets.
“We were overwhelmed yet humbled by the response we got after we launched in August. It was only then that we realised that the opportunity was substantially bigger than what we had originally anticipated, which emboldened us to double down and accelerate our expansion across the region,” Ali Sattar, founder and chief executive of SimpliFi, said on Monday.
Start-ups in the region continue to attract investments, with the fourth quarter of 2021 particularly busy, especially for transactions involving the UAE sphere.
Last week, Abu Dhabi Global Market and the World Bank's International Finance Corporation launched a programme to support women-led...
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