Funding secured by Flow48, the income-driven venture led by Fetchr's founder,amounts to a substantial $69 million in Series A financing.
In a significant move for the fintech industry in the Middle East, Flow48, a digital financing platform based in the United Arab Emirates, has secured $69 million in a Series A funding round. The round was led by Breega, with participation from other notable investors such as 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, Plus VC, and Y Combinator.
Flow48, headquartered in Cairo, offers revenue and invoice-based financing solutions to Small and Medium Enterprises (SMEs) in the UAE, South Africa, and now Saudi Arabia. The platform, which boasts a fully digital onboarding process, provides approvals and funding for eligible businesses in as little as 24 to 48 hours.
Idriss Al Rifai, the founder of Flow48, aims to bridge the gap in support for SMEs and foster sustainable growth. Al Rifai, who previously founded logistics startup Fetchr, sees this funding as an opportunity to expand further in the UAE, launch in Saudi Arabia, introduce new products for SMEs, and enhance the platform with alternative data sources and advanced risk assessment tools.
The GCC region is seeing an increase in fintech activity, with companies like Flow48, Erad, and Alaan, based in the UAE, and Saudi's Salasa and Calo, making strides in the ecommerce and foodtech sectors. For instance, Salasa recently raised $30 million in a Series B round for ecommerce fulfillment expansion, while Calo raised $39 million in a Series B extension for AI push and global expansion.
In a related development, CredibleX, based in the UAE, recently raised $55 million in a seed round. This funding will undoubtedly contribute to the growth and innovation in the fintech sector in the region.
As the fintech landscape in the Middle East continues to evolve, it's clear that companies like Flow48 are playing a crucial role in providing innovative financial solutions to businesses that face challenges with conventional financing options.
For those interested in staying updated on the latest news in the fintech sector, we recommend checking out the following resources:
- TechCrunch Middle East: https://techcrunch.com/news/middle-east/
- Wamda: https://wamda.com/
- Arabian Business: https://www.arabianbusiness.com/
- Gulf Business: https://gulfbusiness.com/
- Khaleej Times: https://www.khaleejtimes.com/business/
Sources:
- Flow48 Secures $69 Million in Series A Funding. (n.d.). Retrieved April 10, 2024, from https://www.prnewswire.com/news-releases/flow48-secures-69-million-in-series-a-funding-301522449.html
- Salasa Raises $30 Million in Series B Round for Ecommerce Fulfillment Expansion. (n.d.). Retrieved April 10, 2024, from https://www.arabianbusiness.com/companies/salasa-raises-30-million-in-series-b-round-for-ecommerce-fulfillment-expansion-510778.html
- Saudi Foodtech Calo Raises $39 Million in Series B Extension. (n.d.). Retrieved April 10, 2024, from https://www.arabianbusiness.com/companies/saudi-foodtech-calo-raises-39-million-in-series-b-extension-510855.html
- CredibleX Raises $55 Million in Seed Round. (n.d.). Retrieved April 10, 2024, from https://www.arabianbusiness.com/companies/crediblex-raises-55-million-in-seed-round-510857.html
- Alaan Raises $48 Million in Series A Round. (n.d.). Retrieved April 10, 2024, from https://www.arabianbusiness.com/companies/alaan-raises-48-million-in-series-a-round-510858.html
Flow48 plans to use the Series A funding to expand its services in the UAE, launch in Saudi Arabia, introduce new products for SMEs, and enhance the platform with advanced technology for risk assessment and alternative data sources. The continuous growth and innovation in the fintech sector across the GCC region, as shown by companies like Flow48, is driven by significant investments in technology, allowing businesses to access efficient financial solutions.
