Flow48, a revenue-based financing startup by Fetchr’s founder, raises $69 million Collection A 

UAE-based fintech Flow48 has secured $69 million in a Collection A funding spherical combining debt and fairness, led by Breega with participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, it introduced on Monday. The breakdown of debt and fairness was not disclosed.

This funding comes after Flow48 closed a $25 million pre-Collection A spherical in November 2023, which additionally comprised a mixture of debt and fairness from a few of the similar traders.

Based in 2022 by Idriss Al Rifai, who beforehand based logistics startup Fetchr, Flow48 presents income and invoice-based financing options beneath versatile phrases to SMEs within the United Arab Emirates and South Africa. With the newest funds, it’s now additionally increasing into Saudi.

Its platform presents a completely digital onboarding course of, with approvals and funding for eligible companies in as little as 24 to 48 hours

In response to its web site, Flow48 can provide as much as $20 million in funding to every enterprise. It may possibly fund companies with a minimum of one yr of buying and selling historical past and a minimum of $100,000 in annual revenues. The corporate targets companies that face challenges with typical financing choices that sometimes contain strict covenants, excessive charges, or prolonged due diligence intervals.

Flow48 plans to make use of the funding to develop additional within the UAE and launch Saudi. It additionally goals to introduce new merchandise for SMEs whereas enhancing its platform capabilities with different knowledge sources and superior threat evaluation instruments.

Idriss Al Rifai, co-founder and CEO of Flow48, mentioned, “We’ve seen great progress within the SME lending panorama, and this extra funding permits us to reinforce our companies even additional. SMEs are the spine of each financial system. They create 90% of jobs and contribute to 50% of GDP, but they continue to be under-supported. We’re deeply dedicated to bridging this hole and fostering sustainable progress.”

Earlier than Flow48, Idriss served as CEO of Borzo, an Amsterdam-based same-day supply startup targeted on rising markets, and Chief Technique and Information Officer at Glovo.

Ben Marrel, CEO & Founding Companion at Breega, mentioned, “The staff’s means to constantly ship on their formidable roadmap is exceptional, demonstrating each imaginative and prescient and execution. Their modern strategy to SME financing is reshaping the lending panorama within the GCC, unlocking capital for companies which are the spine of the area’s financial system.”

The opposite notable gamers within the area embrace UAE’s CredibleX, which not too long ago raised $55 million in a seed spherical, Cairo-headquartered FlapKap, and Saudi-based YC-backed Erad.

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