Saudi-based fintech startup RIFD, a platform specialising in corporate spend management, has successfully secured a strategic investment from the global early-stage venture capital firm, Antler. This funding round marks a significant milestone for RIFD as it aims to solidify its position in the rapidly growing B2B fintech landscape of Saudi Arabia and the broader MENA region.
Streamlining Corporate Spend in the Kingdom
Founded to address the complexities and inefficiencies of corporate expense management, RIFD provides businesses with a comprehensive solution to issue corporate cards, control spending in real-time, and automate financial reporting. The platform is designed to offer finance teams enhanced visibility and control over company expenditures, a critical need for businesses scaling in the dynamic Saudi market.
“Managing corporate expenses is a persistent challenge for companies of all sizes. Our mission at RIFD is to provide a seamless, intuitive platform that empowers businesses to manage their finances efficiently, allowing them to focus on growth,” stated the founder and CEO of RIFD. “This investment is a strong validation of our vision and the value we bring to the market.”
A Strategic Partnership with a Global Powerhouse
The investment from Antler is more than just a capital injection; it represents a strategic partnership that provides RIFD with access to Antler’s extensive global network of advisors, experts, and potential partners. Antler, known for backing ambitious founders from day zero, has been increasingly active in the MENA region, identifying and supporting startups with high-growth potential.
A partner at Antler commented on the decision, stating, “We were impressed by the RIFD team’s deep understanding of the local market’s pain points and their robust technological solution. Saudi Arabia’s digital transformation is creating immense opportunities in the fintech sector, and RIFD is perfectly positioned to become a leader in the corporate spend management category.”
Fueling Regional Expansion and Product Innovation
RIFD plans to allocate the newly acquired funds towards three key areas: accelerating product development, expanding its engineering and sales teams, and driving its market expansion strategy. The immediate focus will be on strengthening its foothold within Saudi Arabia before scaling operations across the GCC. The company aims to introduce new features that will further automate financial workflows for its clients.
About RIFD
RIFD is a Saudi Arabian fintech company that offers an all-in-one corporate spend management platform. The solution enables businesses to issue smart corporate cards, manage expenses, and streamline their financial operations through a centralized and user-friendly interface.
About Antler
Antler is a global early-stage venture capital firm that invests in the defining technology companies of tomorrow. The firm has a presence across major startup ecosystems worldwide and is dedicated to supporting exceptional founders from the earliest stages of their entrepreneurial journey.
Looking Ahead
This strategic investment is a testament to the increasing investor confidence in Saudi Arabia’s burgeoning startup ecosystem, particularly within the fintech sector. For RIFD, the partnership with Antler provides the necessary fuel and strategic guidance to capture a significant market share. As Saudi Vision 2030 continues to promote digital transformation and economic diversification, solutions like RIFD that enhance business efficiency are set to play a crucial role in the Kingdom’s evolving economy.
Source: Wamda
