UAE-based Fintech Flow48 has secured $69 million in a Series A funding round comprising debt and equity, as it seeks to scale its SME financing solutions in the Middle East and North Africa (MENA).
The round was led by Breega and included participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, among others.
The new funding follows Flow48’s pre-Series A raise of $25 million in November 2023, which also combined debt and equity from existing investors.
Founded in 2022 by Idriss Al Rifai, Flow48 provides upfront financing to small and medium enterprises (SMEs) by transforming future revenues into immediate capital under flexible terms.
The company plans to use the fresh capital to expand in Saudi Arabia and the UAE, two of its key markets, and enhance its platform with new product offerings.
Flow48 has been scaling its operations across the MENA region, securing a scalable debt facility from financial institutions and strengthening its presence in South Africa.
It aims to leverage alternative data sources and advanced risk assessment tools to refine its credit solutions for SMEs, a sector that remains largely underserved in the region.
Saudi Arabia, the largest economy in the MENA region, is a focal point of the expansion strategy, given its sizable but underdeveloped SME ecosystem.
Flow48 is also centralizing operational data to improve risk-based lending, aggregating insights on payments, sector-specific performance, and financial behaviors.
The fintech sector in MENA has been experiencing significant growth, with SME lending attracting investor interest. Flow48 has positioned itself as a key player in addressing the financing gap for small businesses, aligning with regional government efforts to diversify economies beyond oil and real estate.
With the latest funding, Flow48 is expected to accelerate its efforts in financial inclusion and deepen its partnerships with traditional financial institutions and fintechs to distribute SME lending solutions.
