UAE-based fintech Flow48, which specialises in financing for small and medium-sized enterprises (SMEs), has secured $69 million to expand into Saudi Arabia and other key markets.

The investment raised in the Series A funding round, which is a combination of debt and equity, was led by Paris-based venture capital firm Breega and participated by other investors, including 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures and Plus VC, among others.

The new capital will not only support expansion plans, it will also help the company enhance its platform capabilities.

“We’ve 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. 

The company operates across the GCC and Africa. It seeks to redefine access to capital for underserved SMEs through the revenue-based financing model that has been tested in other markets like Europe and the US.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com