UAE-based fintech FlapKap, which was originally established in Egypt, has raised $34 million in a pre-Series A funding round, according to a press release.

The fundraising was led by BECO Capital and Pact VC, with follow-on contributions from A15, Nclude, QED Investors, and debt financing from Channel Capital.

Meanwhile, the fintech company will use the funding to expand its SME financing services across the MENA and the GCC region. It will also enhance the fintech’s technology infrastructure to launch trade finance products developed for business-to-business (B2B) businesses.

The transaction came nearly two years after securing $3.60 million in seed funding, bringing the company’s total funding to $37.60 million.

Founded in 2022 by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani, FlapKap provides revenue-based and embedded financing solutions to help SMEs scale their inventory and digital ads through instant funding.

The fintech platform deploys AI-powered models and open banking to secure accurate underwriting while lowering operating costs.

FlapKap seeks to continue to address a major challenge in the MENA region, where the SME financing gap is estimated at $180 billion, according to the International Finance Corporation.

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