Saudi's Pi Flow Secures Funding to Offer Virtual Accounting Solutions for Small Businesses and Start-ups
In a significant move for the accounting services industry, Jeddah-based Pi Flow has secured an undisclosed amount of investment from a group of angel investors and the Saudi Venture Capital Company.
Founded in 2012 by Waleed Merdad and Mohammad Alraddadi, Pi Flow has been providing virtual bookkeeping services, VAT reporting, and financial reports to startups and Small and Medium Enterprises (SMEs) for a fixed monthly fee, starting from SAR 1,500 per month.
This investment marks the first time Pi Flow has sought external funding, having remained bootstrapped until now. The funds raised will be used to improve Pi Flow's technology and expand its operations beyond Saudi Arabia, with a goal to cover the entire Middle East & North Africa region.
Mohammad Alraddadi, the co-founder & COO of Pi Flow, stated, "We are thrilled to have the support of our investors as we embark on this next phase of growth. The investment will be used to develop technology to accelerate our operations and improve our operational efficiency."
Waleed Merdad, the co-founder and CEO of Pi Flow, explained, "Bookkeeping is often overlooked by startups in their early days, and our mission is to change this. We believe that accurate and reliable financial data is crucial for understanding a business's detailed picture, and our promise is to provide these reports for SAR 1,500 per month."
Pi Flow's technology platform is based on the Pi Network blockchain, which incorporates a Linux node infrastructure and a protocol upgrade inspired by Stellar Protocol 23. This platform offers enhanced scalability, decentralized identity verification, and cross-chain compatibility. It supports decentralized finance (DeFi), gaming, and metaverse applications, leveraging a sustainable and accessible blockchain ecosystem for its services.
However, it is not clear how Pi Flow specifically utilizes this technology in its operations. What is clear is that the technology development for Pi Flow is aimed at improving its operational efficiency and supporting its expansion plans.
Mohammad Alraddadi also mentioned Pi Flow's aim to expand and cover the entire Middle East & North Africa. "We are excited about the opportunity to bring our affordable and reliable accounting services to more businesses in the region," he said.
As Pi Flow moves forward with its expansion and technology development plans, it is poised to make a significant impact on the accounting services industry in the Middle East & North Africa.
