Fintech and CaaS Startup Simplifi Raises $5.1M To Accelerate Its Growth
A UAE-based fintech and Card-as-a-Service startup, Simplifi, has secured $5.1 million in its latest funding round.
Simplifi is a Fintech and CaaS (Card-as-a-Service) startup that is currently focusing on MENA and Pakistan. The banking system in the target market of the company is very sporadic which makes it difficult for companies for finance management. Thus, with the aim to provide the companies with an efficient alternative, the startup has raised $5.1 million.
Moreover, In the latest funding round, a number of big investors participated. Global Founders Capital, Raed Ventures, 4DX Ventures, and Rally Cap Ventures participated in the latest funding round.
Furthermore, the startup was founded by Ali Sattar. The founder of the company has already rendered his services as the head of Careempay. Which indicates that he has versatile and rich experience in this context.
However, the most fascinating feature of this Fintech and CaaS startup is that it provides a one-stop platform to the companies to issue and manage their card’s program. Also, it ensures a seamless experience across multiple markets. To make this possible, it works with different banks, card schemes, identity verification systems, and etc.
Doubtlessly, the fintech industry in the Middle East North Africa, Turkey, and Pakistan has seen remarkable growth recently. The industry witnessed a 55% quarter-to-quarter growth which justifies the increasing popularity of this sector.
However, it is important to note that the startup received notable attention from the investors after releasing its beta version. The beta version of the application enables the companies to complement their business needs and assist in offering card products to SMEs and consumers. Furthermore, the company is also focussing on increasing and diversifying its team with experience from companies like Careem.
“We were overwhelmed (yet humbled) by the response we got after we launched in August. It was only then that we realized 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,” commented Ali Sattar, Founder/CEO of SimpliFi.
The company is further planning to use these funds to enhance its presence across the region. Because the development of fintech applications is in demand, and more and more companies are aiming to launch their own fintech apps to fill the void.