UAE-based fintech Flow48 raises $25m to expand revenue-based financing in MENA SME space

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Cointime2023/12/01 17:45

By:Cointime

Flow48, a UAE-based fintech, has raised $25 million in Pre-Series A funding with the aim of introducing revenue-based financing (RBF) to the SME space in the MENA region. The round includes equity and debt, and investors include 212 VC, Speedinvest, Daphni, Blockchain Founders Fund, Unpopular Ventures, Endeavor Catalyst, TLG, and angel investors such as Scott Sandell from NEA. Founder Idriss Al Rifai believes that his experience of solving 'last mile' issues in the Middle East will be useful in the RBF arena, as the level of information and data in the region is different from that in the US and Europe. The MENA region is projected to grow by 5.4% in 2022, and the e-commerce market in Saudi Arabia, UAE, and Egypt is expected to grow by over 50% to $33.3 billion in the next three years, according to Bain.

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