The company will utilise $10 million of the secured funding to support its expansion efforts within South Africa.
Flow48, a leading fintech company transforming SME lending across emerging markets, is excited to announce today the successful close of its $69 million Series A funding round to scale operations in UAE, South Africa and Saudi Arabia. $10 million of the total funding will be dedicated to scaling operations in South Africa.
The round, a combination of debt and equity financing, was led by Breega, with further investments from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and +VC, among others. This milestone marks a major step forward in the company’s mission to redefine access to capital for underserved SMEs across Africa and the Middle East.
“We have seen tremendous progress in the SME lending landscape, and this additional funding allows us to enhance our services even further,” said Idriss Al Rifai, CEO and Co-Founder of Flow48. “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.”
With this new funding, Flow48 is set to expand further in its current markets, UAE and SA, and replicate its solutions in Saudi Arabia, the largest economy in the MENA region, delivering value to a sizable yet underdeveloped SME ecosystem across these markets. The company will also continue to add new features to enhance its platform capabilities, leveraging alternative data sources and advanced risk assessment tools to deliver tailored financial solutions to SMEs.
Beyond lending, Flow48 is centralising critical data insights where SME operational data is fragmented. By aggregating data on payments, operational behaviors, and sector-specific performance, Flow48 is building a robust foundation for smarter decision-making and risk-based lending. Aligned with development goals, Flow48 is playing a pivotal role in empowering SMEs to drive economic transformation. The company has also seen significant interest from traditional financial institutions and fintechs seeking partnerships to distribute SME lending solutions, underscoring Flow48’s position as a leader in the sector.
“SME lending in South Africa is evolving with technology playing a greater role in enhanced end-to-end offerings to SMEs. We are uniquely positioned in that regard, with our integrated data
ecosystem and enhanced underwriting capabilities, which deliver a more robust service to SMEs and our partners” said Altesh Baijoo, Managing Director, Flow48 South Africa. “This is a tide that raises all boats. Every success in this space benefits the sector as a whole, and we relish the opportunity to contribute to the growth of the sector whilst working to be the leader across the markets in which we operate.”
Building on exceptional progress since its founding and over the past year, Flow48 has exceeded its roadmap targets and achieved key milestones, which has enabled the company to secure additional large and scalable debt facilities from sophisticated financial institutions. This funding will be leveraged to strengthen its market presence in South Africa, while cementing its position in the UAE. New products for SMEs are being introduced, coupled by an expansion into Saudi Arabia.
Commenting on the fundraising announcement, Ben Marrel, CEO & Founding Partner at Breega, added: “It’s an honour to lead Flow48’s Series A. 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 and beyond, unlocking capital for businesses that are the backbone of the region’s economy. We are proud to support Flow48 in scaling their impact and driving financial inclusion across the market.”
The company is deeply grateful for the support of its investors, including Breega, who led this round. “Having knowledgeable investors on board who bring not only capital but also deep expertise is critical to achieving our vision of becoming the leading SME lender across the region,” concluded Idriss.
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About Flow48
Founded in 2022 by Idriss Al Rifai, Flow48 is redefining SME financing by building a seamless capital infrastructure that transforms future revenues into immediate working capital. Operating across the GCC and Africa (UAE, South Africa, and now Saudi Arabia), Flow48 goes beyond lending, integrating a data-driven ecosystem that enhances underwriting capabilities for both SMEs and financial institutions.
