Revenue-focused venture, established by the founder of Fetchr, secures $69 million in Series A funding round.
Flow48 Secures $69 Million in Series A Funding to Expand Revenue-Based Finance Services
Flow48, a UAE-based fintech company, has secured $69 million in a Series A funding round, positioning the company to expand its revenue-based finance services across the Middle East and North Africa (MENA) region.
The funding round was led by Breega and included participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC. Notable participants also included UAE's CredibleX, a prominent player in the SME financing space that recently raised $55 million in a seed round.
Flow48 offers revenue and invoice-based financing solutions to SMEs, providing a flexible approach to accessing capital. The company's business model is centred around providing funding options tied to company revenues, enabling businesses to receive capital that adjusts according to their earnings.
The funding will be utilised to support Flow48's expansion plan, which focuses on geographic growth and scaling its B2B fintech loyalty program across the MENA region. The company aims to ensure regulatory compliance in these new markets to facilitate smooth entry and operation.
Flow48's target market primarily includes B2B fintech clients within the MENA region who need access to innovative financing solutions aligned with their cash flow. The company can offer up to $20 million in funding to each business, making it an attractive option for startups and SMEs requiring growth capital without diluting equity or taking on fixed debt obligations.
Idriss Al Rifai, the co-founder and CEO of Flow48, stated that the company is committed to bridging the gap in SME financing and fostering sustainable growth. Al Rifai, who previously served as CEO of Borzo, an Amsterdam-based same-day delivery startup, and Chief Strategy and Data Officer at Glovo, is confident that Flow48's innovative approach to financing will revolutionise the SME financing landscape in the MENA region.
The platform offers a fully digital onboarding process with approvals and funding for eligible businesses in as little as 24 to 48 hours. This quick and efficient process sets Flow48 apart from traditional lending institutions, making it an attractive option for businesses seeking flexible and fast financing solutions.
Other notable players in the SME financing space include Cairo-headquartered FlapKap and Saudi-based YC-backed Erad. The Dubai, Saudi Arabia, and the United Arab Emirates are locations where companies like Flow48, CredibleX, and FlapKap operate, indicating a growing interest in innovative financing solutions in these regions.
Flow48's expansion plans include further growth in the UAE, launching in Saudi Arabia, and introducing new products for SMEs. The company's commitment to bridging the gap in SME financing and fostering sustainable growth is well-aligned with the needs of the MENA region, making it an exciting player to watch in the coming years.
Flow48's business model, centred around providing revenue-based finance, allows the company to offer funding that adjusts according to a company's earnings, making it an attractive option for startups and SMEs in the MENA region seeking growing capital through investing in technology-driven financing solutions. With the secured $69 million in Series A funding, Flow48 aims to scale its services, including launching in Saudi Arabia and introducing new products for SMEs, with a focus on regulatory compliance to facilitate smooth entry and operation.
