Ali Sattar, Founder and CEO of SimpliFi, stands at the forefront of fintech innovation, leading a transformative movement in the MENAP region’s financial landscape. With over 25 years of experience in payments, technology, investments, strategy, finance, and banking, Ali’s career is a testament to his dedication and expertise. His journey, marked by significant roles at global organizations like UBS, Deutsche Bank, Telenor Group, National Bank of Kuwait, VEON Group, and Careem, has culminated in the creation of SimpliFi, a pioneering platform aimed at democratizing card issuance.
The Genesis of SimpliFi
SimpliFi was born out of Ali’s firsthand experience with the complexities of card issuance during his tenure as Managing Director of Careem Pay. “I recognized the challenges and inefficiencies in the card issuance process across the MENAP region,” Ali recalls. Determined to address these issues, he founded SimpliFi in 2020 with a clear vision: to provide a seamless, accessible, and efficient platform for businesses to issue cards, irrespective of their size or technical expertise.
Thrilled to announce that Team SimpliFi made waves at DATE with Fintech KSA, organized by @DIFC, @DubaiFinTechSum, and @TresconMENA!🚀We’re excited to share that TEAM SimpliFi was shortlisted in the Fintech World Cup Saudi Arabia Regional competition. 🌐💼#SimpliFiInnovation pic.twitter.com/6mrTT5oC0J
— SimpliFi (@SimpliFiPay) December 19, 2023
Shaping Leadership Through Diverse Experiences
Ali’s diverse experiences across various industries and geographies have profoundly influenced his leadership style and innovative approach. “Leading roles in strategy, technology, finance, banking, investments, and startups have instilled in me a culture of agility, continuous improvement, strategic thinking, and customer-centricity,” he explains. At Careem, Ali’s innovative mindset was crucial in launching digital payments across the region. Similarly, his focus on executing fintech projects in emerging markets at VEON and Telenor Group reinforced his commitment to driving impactful solutions.
Navigating Challenges and Celebrating Achievements
Ali Sattar, Founder and CEO of SimpliFi
Establishing SimpliFi was not without its challenges. Navigating regulatory requirements, integrating with various banking and financial partners, and building a secure, compliant, and scalable technology infrastructure were significant hurdles. “Overcoming these obstacles required a strategic approach, including close collaboration with regulators, forming strategic partnerships, attracting investors aligned with our vision, and building a passionate and committed team,” Ali shares.
Under Ali’s leadership, SimpliFi has achieved remarkable milestones. From a startup, it has grown into a regional player offering modern, secure, and compliant card issuance infrastructure across the MENAP region. “Our biggest achievement is the impact we’ve had on the regional payments landscape, making card issuance accessible to hundreds of businesses,” he says proudly.
Innovating for the Future
SimpliFi’s evolution from a concept to a fully operational platform supporting businesses of all sizes is a testament to Ali’s visionary leadership. Initially focused on simplifying card issuance, SimpliFi now offers a comprehensive suite of products, including multi-currency wallets and embedded card solutions. “Our primary goal for the next few years is to expand our product offerings and geographical reach, ensuring businesses can leverage modern financial technology to make financial services more accessible,” Ali outlines.
The fintech industry is witnessing several significant trends, such as the integration of payments into everyday use cases, the realization of real-time payments, and the adoption of customer-centric methods like wallets and contactless payments. SimpliFi is well-positioned to address these trends. “By offering an API-driven card infrastructure, we enable businesses to embed modern card issuance capabilities into their services seamlessly,” Ali explains. This allows for global, instant, secure, and cost-effective payment settlements, enhancing user experiences and operational efficiencies.
Empowering Leadership and Fostering Innovation
Ali’s leadership style, characterized by empowerment, accountability, and a commitment to customers, has evolved over the years. “I’ve shifted from a directive approach to one that emphasizes listening, empowering my team, and fostering a culture of open communication and ownership,” he reflects. Ali believes that successful fintech leaders need the obsession of a techy, the vision of a futurist, and the curiosity of an adventurer. “Staying ahead of tech trends, inspiring your team, solving problems daily, managing partners, and navigating regulatory mazes are all part of the fun,” he adds.
At SimpliFi, innovation thrives through risk-taking, continuous iteration, and out-of-the-box thinking. “We support each other in trying new ideas, celebrating successes, and openly discussing failures,” Ali explains. A notable innovative solution developed under his guidance is the multi-currency corporate wallets targeting multinationals in the region. “This first-of-its-kind proposition enables companies to move funds across offices instantly and without fees, saving on foreign exchange fees and managing liquidity efficiently,” he highlights.
Advice for Aspiring Entrepreneurs
Ali’s advice for aspiring fintech entrepreneurs is grounded in his extensive experience. “Stay deeply connected to your customers’ needs and be ready to pivot. Think big but focus on the baby steps to get there, celebrating successes and embracing failures along the way,” he advises. He emphasizes the importance of quick decision-making, deep commitment, and enjoying the journey, as every experience provides valuable lessons for the future.
SimpliFi’s Future Vision
Looking ahead, Ali envisions a future where financial services are more accessible in the MENAP region. “Our long-term vision is to enable businesses to build and offer financial products at scale without being financial services experts,” he states. Over the next five to ten years, SimpliFi aims to expand its product suite, geographical presence, and strategic partnerships. “We hope to democratize access to financial services in the region, making it easier for businesses to build and offer financial products. Success for us means achieving this at scale and significantly moving the needle,” Ali concludes.
Ali Sattar’s journey and SimpliFi’s success story are shining examples of innovation, resilience, and a commitment to driving positive change in the fintech industry. As SimpliFi continues to grow and evolve, it remains poised to make a lasting impact on the payments and fintech landscape, empowering businesses and fostering economic growth in the MENAP region.
