Fintech start-up Simplified Financial Solutions Company (Sifi) has secured $10 million in new funding from Saudi Arabia’s Public Investment Fund (PIF) subsidiary and other investors.

The Seed round was led by Sanabil Investments, a wholly owned company of PIF, and RAED Ventures, with participation from other investors such as anb seed, Rua Ventures, Byld and KBW Ventures, according to a statement.

Other investors from the previous rounds, including Khwarizmi Ventures, Seedra Ventures and Tech Invest Com, also participated in the funding round, the Saudi Arabia-based firm said.

The company intends to use the new capital to boost its offerings and further strengthen its position as the go-to spend management platform in the kingdom.

The start-up seeks to simplify finance management for all types of businesses, offering a suite of solutions, including smart corporate cards, real-time insights into corporate spend and automated expense management workflows.

(Writing by Cleofe Maceda; editing by Seban Scaria)