SimpliFi, a Dubai-based business, recently announced the launch of its Cards as a Service platform for the Middle East, North Africa, and Pakistan. Until it was time to debut its services, the startup had been operating in stealth mode. Simplifi also closed a seed round headed by Raed Ventures of Saudi Arabia, with participation from Rally Cap Ventures and Sukna Ventures of Riyadh. Angel investors as well as previous and present executives from companies such as Facebook, Careem, Plaid, and others were involved in this deal.
Ali Sattar, who previously worked at Careem as the Head of Careem Pay, started the company in 2020. SimpliFi’s goal is to democratise card issuing in the region by providing APIs and an easy-to-use interface. This essentially enables any firm to issue virtual or physical cards of any kind. Furthermore, technology companies with engineering teams can use the APIs to design and deploy products with minimal code. While the fintech component enables for full control of the end-to-end process, from managing partners such as banks and card schemes to identity verification and card fulfilment and delivery.
According to the company:
“In addition to providing a purpose-built tech stack, SimpliFi handles day to day card operations and compliance functions so businesses can focus on their core strengths while leveraging the capabilities and scale of SimpliFi.”
In regards to the challenge of issuing cards and bringing change, Ali stated the following:
“Prepaid cards are extremely versatile and may be used for a variety of purposes, including streamlining operations, generating new revenue streams, and increasing customer loyalty. Banks have had exclusive rights to issue cards until recently. We’re changing that by enabling any firm to become a payments company and benefit from the financial ownership benefits without the underlying difficulties and hassle. The enormous impact this might have on the region’s financial services ecosystem motivates us to get up every day.”
Wael Nafee who led Raed Ventures had worked with Ali at Careem where he operated as the VP of Product, In regards to the investment provided to SimpliFi:
“Investing in SimpliFi was a no-brainer given the problem it solves, the team’s vision and experience, and the company’s early traction. We see card issuance as a common need and a key pain point for many of the businesses we interact with, so we’re thrilled to be partnering with SimpliFi to help them build the payments infrastructure that will allow enterprises in the region to grow and scale.”
The company currently has a market capitalization of over $14 billion and a team of over 15 people that have worked for top-tier organisations all around the world.
