UAE fintech start-up Flow48 raises $69m in mix of debt and equity funding
Flow48, a UAE-based fintech start-up providing revenue-based financing to SMEs in emerging markets, has secured $69 million in a mix of debt and equity funding in a Series A round led by Parisian VC Breega.
Flow48 lands $69m in mix of debt and equity
Evolution Ventures, Endeavor Catalyst, Daphni, Speedinvest, 212 and Plus VC were among the investors supporting the round, which builds upon Flow48’s $25 million pre-Series A in November 2023.
Founded in 2022, Flow48 specialises in offering flexible financing solutions of up to $20 million based on business revenue and invoices.
The company’s website states that it can disburse funds within 48 hours of onboarding, with underwriting supported by analytics data and AI-powered risk assessment tools.
Currently serving clients across the UAE and South Africa, the company plans to leverage its latest funding to expand its operations to Saudi Arabia and “continue to add new features to enhance its platform capabilities”.
Flow48 co-founder and CEO Idriss Al Rifai, who previously also founded supply chain fintech Fetchr, says the SME lending space “is seeing rapid growth” across the MENA region.
“SMEs are the backbone of every economy. They create 90% of jobs and contribute to 50% of GDP, yet they remain under-supported. We’re deeply committed to bridging this gap and fostering sustainable growth,” he adds.
