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MENA Digest: SiFi, Elevate raise funds; May VC funding up 5 times from April, down 58% YoY

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Simplified Financial Solutions Company (SiFi) and Elevate, two fintech startups in the Middle East and North Africa (MENA) region, have successfully raised funds to grow their businesses. SiFi secured double-digit seed funding from venture capital firms, while Elevate received a pre-Series A investment round. These funding rounds indicate a positive trend for the MENA fintech sector, with VC funding in May increasing by five times compared to April. However, year-on-year, funding is down by 58%.