UAE – Mubasher: Leading fintech Flow48 has closed a $69 million Series A funding round in a mix of debt and equity, according to a press release.
Led by Breega, the fundraising transaction has seen further investments from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, among others.
The company will use the funding to redefine access to capital for underserved SMEs across the MEA region, further expanding its business in Saudi Arabia and the UAE. This besides adding new features to enhance its platform capabilities, leveraging alternative data sources and advanced risk assessment tools to deliver tailored financial solutions to SMEs.
Flow48 exceeded its roadmap targets and achieved key milestones after securing a large and scalable debt facility from key financial institutions.
It also fostered its market presence in South Africa while anchoring its position in the UAE. The fintech firm also introduced new products for SMEs and expand into Saudi Arabia.
Idriss Al Rifai, CEO and Co-Founder of Flow48, noted: “We have seen tremendous progress in the SME lending landscape, and this additional funding allows us to enhance our services even further.”
“SMEs are the backbone of every economy. They create 90% of jobs and contribute to 50% of GDP, yet they remain under-supported. We are deeply committed to bridging this gap and fostering sustainable growth,” Al Rifai mentioned.
Flow48 is aggregates data on payments, operational behaviors, and sector-specific performance to establish foundation for smarter decision-making and risk-based lending.
The company contributes to achieving the government’s goals to diversify regional economies beyond oil, gas, and real estate.
“The SME lending space is seeing rapid growth across the region, with recent capital raises demonstrating the sector’s enormous potential,” the CEO highlighted.
Hasan Haider, Managing Partner at +VC, commented: "Flow48 is addressing a critical gap, offering the rapidly increasing demand for financing solutions in the dynamic SME lending arena. We look forward to supporting them as they pioneer to become leaders in this space."
