Flow48, a UAE-based fintech, has raised US$69 million in a series A funding round comprising both debt and equity.

The round was led by Breega, with participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC.

Founded in 2022 by Idriss Al Rifai, Flow48 provides upfront financing to SMEs by converting future revenues into immediate capital.

The new funding will support Flow48’s expansion in the UAE and Saudi Arabia, its key markets.

In November 2023, the company secured US$25 million in a pre-series A round.

Flow48 aims to enhance its financial solutions for SMEs by leveraging alternative data sources and risk assessment tools.

Operating in a region where SME financing is underdeveloped, Flow48 seeks to address this gap and support economic growth.