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. Start-ups in the region continue to attract investments, with the fourth quarter of 2021 particularly busy, especially for transactions involving the UAE sphere. SimpliFi was founded in 2020 by Mr Sattar, who is the former head of Careem Pay.

Source: The North Africa Journal December 20, 2021 19:07 UTC