UAE-based fintech Flow48 has secured $69 million in a Series A funding round combining debt and equity, led by Breega with participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, it announced on Monday. The breakdown of debt and equity was not disclosed.
This funding comes after Flow48 closed a $25 million pre-Series A round in November 2023, which also comprised a mix of debt and equity from some of the same investors.
Founded in 2022 by Idriss Al Rifai, who previously founded logistics startup Fetchr, Flow48 offers revenue and invoice-based financing solutions under flexible terms to SMEs in the United Arab Emirates and South Africa. With the latest funds, it is now also expanding into Saudi.
Its platform offers a fully digital onboarding process, with approvals and funding for eligible businesses in as little as 24 to 48 hours
According to its website, Flow48 can offer up to $20 million in funding to each business. It can fund businesses with at least one year of trading history and at least $100,000 in annual revenues. The company targets businesses that face challenges with conventional financing options that typically involve strict covenants, high fees, or lengthy due diligence periods.
Flow48 plans to use the funding to expand further in the UAE and launch Saudi. It also aims to introduce new products for SMEs while enhancing its platform capabilities with alternative data sources and advanced risk assessment tools.
Idriss Al Rifai, co-founder and CEO of Flow48, said, “We’ve seen tremendous progress in the SME lending landscape, and this additional funding allows us to enhance our services even further. SMEs are the backbone of every economy. They create 90% of jobs and contribute to 50% of GDP, yet they remain under-supported. We’re deeply committed to bridging this gap and fostering sustainable growth.”
Before Flow48, Idriss served as CEO of Borzo, an Amsterdam-based same-day delivery startup focused on emerging markets, and Chief Strategy and Data Officer at Glovo.
Ben Marrel, CEO & Founding Partner at Breega, said, “The team’s ability to consistently deliver on their ambitious roadmap is remarkable, demonstrating both vision and execution. Their innovative approach to SME financing is reshaping the lending landscape in the GCC, unlocking capital for businesses that are the backbone of the region’s economy.”
The other notable players in the space include UAE’s CredibleX, which recently raised $55 million in a seed round, Cairo-headquartered FlapKap, and Saudi-based YC-backed Erad.
- Saudi’s Orbii raises $3.6 million in Prosus-led seed to help banks and fintechs launch SME lending - September 8, 2025
- Egypt’s TradeHub shuts down, returns remaining capital to investors after failing to achieve product-market fit - September 7, 2025
- Dubai’s WheelsOn raises $12.5 million in debt and equity for its deposit-free car rental platform - September 7, 2025
