Riyad Bank redeems SAR 3 bn debt five years ahead of maturity

Riyad Bank fully redeemed its SAR 3 bn tier 2 sukuk at face value, exercising its call option five years ahead of its 2031 maturity date, it said in a disclosure to Tadawul. The transaction covered all 3k units issued in February 2021.

Why it matters: The lender is likely cycling out older debt to make room for newer, cheaper capital like last month’s USD 1 bn 10-year, Reg-S Tier 2 sustainable note. The issuance was part of a broader wave of Saudi lenders tapping international markets for competitively priced capital to help fund the Kingdom’s gigaprojects as they enter their operational phase.

Safqah Capital bags USD 15.2 mn in seed roundta

Homegrown fintech/proptech Safqah Capital raised USD 15.2 mn in a seed funding round led by Shorooq, according to a press release. The round saw participation from ANB Seed Fund, Rua Growth Fund, Sharaka Capital, COTU Ventures, Sadu Capital, 500 Global, Suhail Ventures, MEVP, Waad Invest, JOA Capital, and others.

Use of proceeds: Safqah will use the fresh funds to expand its financing capacity, spruce up its digital platform, and integrate AI tools for risk assessment and underwriting.

About Safqah Capital: Co-founded in 2023 by CEO Abdullah Alsubaie (LinkedIn), the CMA-authorized company offers a shariah-compliant debt-financing solution that targets SME developers, a segment it says is underserved by traditional banks.

SiFi closes USD 20 mn Series A round

Homegrown fintech Simplified Financial Solutions Company (SiFi) raised USD 20 mn in a Series A round led by RAED Ventures, according to a press release. The round saw contributions from QED Investors, Breyer Capital, MEVP, Sanabil Investments, Khwarizmi Ventures, and others.

Where’s the money going? SiFi will utilize the fresh funds to scale up its market footprint, enhance its AI-driven financial tools, and integrate broader workflows as it transitions into a comprehensive, end-to-end finance management platform.

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