Revenue-driven funding venture Flow48, established by Fetchr's founder, secures a substantial $69 million in Series A funding.
In a significant move for the fintech industry, UAE-based Flow48 has secured a substantial $69 million in Series A funding. This capital injection will empower Flow48 to broaden its reach and enhance its services, aiming to provide more businesses with the much-needed financial support they require.
Flow48's platform offers a fully digital onboarding process, enabling eligible businesses to secure approvals and funding in as little as 24 to 48 hours. The company targets SMEs with at least one year of trading history and annual revenues exceeding $100,000, who often face challenges with conventional financing options.
The funding round was led by Breega, with participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC. Ben Marrel, CEO & Founding Partner at Breega, praised Flow48's team for their ability to deliver on ambitious plans and reshape the lending landscape in the GCC.
Idriss Al Rifai, co-founder and CEO of Flow48, expressed the company's commitment to bridging the gap in SME support and fostering sustainable growth. Al Rifai previously served as CEO of Borzo, an Amsterdam-based same-day delivery startup focused on emerging markets, and Chief Strategy and Data Officer at Glovo.
Flow48 currently offers revenue and invoice-based financing solutions to SMEs in the United Arab Emirates, South Africa, and Saudi Arabia. The company can offer up to $20 million in funding to each business.
With this funding, Flow48 plans to expand further in the UAE, launch in Saudi Arabia, introduce new products for SMEs, and enhance its platform capabilities with alternative data sources and advanced risk assessment tools. However, specific details about geographic or product expansions beyond these plans remain undisclosed.
The fintech landscape in the region is bustling with activity, with notable players like UAE's CredibleX, Cairo-headquartered FlapKap, and Saudi-based YC-backed Erad also making strides in SME financing.
As Flow48 continues to grow and evolve, it's essential to monitor official communications or press releases for more precise information about its future plans. Stay tuned for updates on Flow48's expansion and the exciting developments it brings to the SME financing sector.
Flow48 aims to utilize the $69 million in Series A funding to expand its services and reach, specifically launching in Saudi Arabia and introducing new products for Small and Medium Enterprises (SMEs). Idriss Al Rifai, CEO of Flow48, sees this as an opportunity to bridge the gap in SME support and foster sustainable growth, leveraging advanced technology for revenue-based and invoice financing solutions.
