SimpliFi, a Dubai-based Cards as a Service (CaaS) platform for the MENAP region, has acquired $5.1 million in funding to help it expand across the region after its beta launch in August 2021.
SimpliFi offers businesses a one-stop shop for issuing and managing their card programs. To provide a smooth experience across many markets, the organization controls all ecosystem partners required to issue cards, including banks, card schemes, processors, identity verification, card fulfilment, and customer service. SimpliFi not only provides a purpose-built tech stack but also manages day-to-day card operations and compliance functions, allowing businesses to focus on their core competencies while leveraging SimpliFi’s skills and scalability.
After launching its beta version in August of this year, the company received a lot of interest from companies all across the region who wanted to use cards to meet their business objectives and sell them to SMEs and consumers. To enable its CaaS platform, the firm has formed strategic agreements with banks, processors, and other suppliers, as well as signed up several clients, many of which are the region’s leading brands and category leaders.
“The reception we received after we launched in August was overwhelming (yet humble).” It was only then that we recognized the opportunity was far larger than we had anticipated, prompting us to double down and speed our expansion across the region,” said Ali, founder, and CEO.
“We are interested in the card issuance market and have invested in similar companies (to SimpliFi) in other parts of the world.” SimpliFi has a world-class team with deep regional knowledge, unwavering passion, and uncompromising ideals, and we are convinced that they will become the region’s top card issuing platform,” said Tito Costa, Partner at Global Founders Capital.
“SimpliFi’s ambition to revolutionize the region’s payments infrastructure for long-term effect, as well as its attitude of honesty, excellence, and constant progress, are in line with our purpose and values.” 4DX Ventures co-founder and General Partner Peter Orth adds, “We are pleased to be partnering with Ali and the team as they build something genuinely distinctive and meaningful.”
“Raed joined SimpliFi’s journey earlier this year, and we’ve been blown away by the team’s speed of execution and ability to acquire top-tier brands as clients. At the same time, we are excited to continue to assist SimpliFi as it grows its presence across the area,” adds Wael Nafee, Partner at Raed Ventures.
SimpliFi delivers all of the tools a company needs to run its card program, whether it’s technological or not. SimpliFi’s PCI DSS-certified platform includes micro APIs, SDKs, a web portal, and white-label software that organizations can use to easily design, customize, launch, and manage their card programs, even if they have no prior experience with technology or payments.
Image Credit: SimpliFi