Flow48, a fintech start-up based in the UAE, has successfully raised $69 million in a combination of debt and equity funding during its Series A round, which was led by the Parisian venture capital firm Breega. The funding round also included notable participation from Evolution Ventures, Endeavor Catalyst, Daphni, Speedinvest, 212, and Plus VC. This latest investment builds on the company’s previous $25 million pre-Series A funding secured in November 2023.

Founded in 2022, Flow48 specializes in providing revenue-based financing solutions for small and medium-sized enterprises (SMEs) in emerging markets. The company offers flexible financing options of up to $20 million, determined by business revenue and invoices. According to Flow48’s website, they can disburse funds within 48 hours of onboarding, utilizing analytics data and AI-powered risk assessment tools for underwriting purposes.

Currently, Flow48 serves clients in the UAE and South Africa, with plans to use the new funding to expand operations into Saudi Arabia. The company also intends to enhance its platform capabilities by adding new features. Co-founder and CEO Idriss Al Rifai noted that the SME lending sector is experiencing rapid growth across the MENA region, highlighting the importance of SMEs as they create 90% of jobs and contribute to 50% of GDP. He emphasized the company’s commitment to bridging the financing gap for these vital businesses.