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The Venture Codex

Khwarizmi Ventures

Al Sulaimaniyah Street, Riyadh, Ar Riyad, RRAB2477, Saudi Arabia

Overview

Khwarizmi Ventures is a venture capital firm that seeks investments in startups with a passion for algorithms. It seeks to help create their vision, as they embark on a journey together that aligns their goals to improve quality of life using technology powered by algorithms. .

Total investments
25
Lead investments
2
Investments · 12mo
5
Active investors
2

Sector focus

  • Finance
  • Venture Capital
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Investment portfolio

  • RemotePass

    Participated · Series B · May 2026

    Founded in 2021, RemotePass provides a single platform for hiring, paying, and supporting workers across borders, covering EOR, contractor management, payroll, and compliance. The company has built an embedded fintech layer that offers workers access to USD accounts, global cards, and health insurance, and in late 2025 launched SpendCards to integrate corporate expense cards into its payroll and payments stack. RemotePass has also rolled out AI agents to automate workflows across onboarding, compliance, and support. The business scaled to more than 35,000 workers in 150+ countries and has facilitated over $800 million in cross-border payroll while reaching profitability in early 2025. After becoming profitable, RemotePass elected to reinvest in expansion and product depth, targeting growth in Europe and the US and deeper financial and compliance capabilities. Customers named in the company release include Logitech, Tata Group, InDrive, and Careem.

  • Aya

    Participated · Series A · Apr 2026

    Founded in 2024 by Munira Al Kadi and Abdulrahman Al Ammar, Aya operates a demand-driven fashion platform that launches trends in real time by testing more than 700 designs each month and producing only items that show clear customer engagement. The company routes manufacturing through a distributed network to enable fast turnaround times and competitive pricing. Aya initially validated its model in the $3 billion abaya market and has since expanded operations, serving over 100,000 customers and growing to more than 60 employees. The startup reported 9x year-on-year growth and plans to use new funding to expand into additional product categories and scale its real-time production model across broader fashion and lifestyle segments.

  • Simplified Financial Solutions Company

    Participated · Series A · Feb 2026

    SiFi develops cloud software that lets finance teams issue corporate cards, automate expense reporting, and execute vendor payments from a single dashboard. The system provides real-time visibility into outlays, enforces spending policies, and streamlines reconciliations. More than 3,500 organizations across Saudi Arabia now use the product, highlighting strong early adoption. To deepen its value proposition, the company plans to layer additional finance workflows and enhance AI-driven features for analytics and policy enforcement. Management’s stated goal is to evolve into a full-suite finance-management platform. Following its latest fund-raise, SiFi’s cumulative capital stands at over $34 million, giving it resources to accelerate product development and regional expansion. Revenue figures were not disclosed in the article.

  • Chari

    Participated · Series A · Oct 2025

    Founded in 2020 by husband-and-wife team Ismael and Sophia Belkhayat, Chari began as a mobile marketplace enabling corner shops to procure fast-moving consumer goods directly from distributors. The company has since evolved toward a banking-as-a-service model, using its recently obtained payment-institution licence from Bank Al-Maghrib to embed digital payments, credit, and other financial tools inside its merchant app. More than 20,000 small retailers across Morocco, Tunisia, and Côte d’Ivoire now use Chari’s platform, making it one of the region’s largest informal-retail digitisation plays. With a “super app” approach, Chari aims to transform these mom-and-pop stores into grassroots financial access points for underbanked communities. Future plans include opening its in-house financial rails to third-party developers, positioning the startup as a regional fintech enabler across Francophone Africa. To date, Chari has raised roughly $17 million in venture funding, which supports both its commerce logistics operations and the build-out of its fintech infrastructure.

  • Hala

    Participated · Series B · Sep 2025

    Hala is a Saudi Arabian fintech founded by Esam Alnahdi and Maher Loubieh that empowers more than 142,000 MSMEs with a full stack of embedded financial products. Its platform offers business bank accounts, card issuance, payment processing, domestic and international transfers, and point-of-sale solutions, collectively processing over $8 billion in annual transactions. With its latest capital infusion, the company plans to deepen its market share in Saudi Arabia, broaden its suite with new lending products tailored for MSMEs and freelancers, and commence regional expansion. Hala’s strategy centers on becoming the primary financial operating system for small businesses across the Middle East by layering credit, working-capital, and other value-added services onto its existing payments infrastructure. The company’s scale, transaction throughput, and specialized focus on underserved business segments position it to capture significant share in the Gulf’s fast-growing digital finance market. Financial performance metrics beyond transaction volume were not disclosed, but the firm’s user base and processing volume highlight rapid traction. Management intends to deploy the newly raised funds toward product development, regulatory licensing, and go-to-market initiatives across neighboring countries.

Team