Flow48 Raises USD 69 M Series A To Expand SME Lending In South Africa, Others

Flow48, a fintech company transforming SME financing, has raised USD 69 M in Series A funding to scale its operations across the UAE, South Africa, and Saudi Arabia. Of this, USD 10 M is dedicated to South Africa, strengthening its position in one of Africa’s largest economies.

The funding round, a mix of debt and equity, was led by Breega, with participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and +VC. This marks a significant milestone in Flow48’s mission to bridge the SME financing gap in Africa and the Middle East, where small businesses generate 90% of jobs and 50% of GDP but remain underserved by traditional financial institutions.

Founded in 2022 by Al Rifai and Karim Khattar, Flow48 uses alternative data and advanced risk assessment tools to provide tailored lending solutions to SMEs, bypassing outdated credit scoring systems. This technology-driven approach improves access to capital, helping businesses grow sustainably.

The new funding will accelerate Flow48’s expansion into Saudi Arabia, the MENA region’s largest economy, while enhancing its platform capabilities to better serve SMEs. In South Africa, where tech-driven lending is reshaping SME finance, Flow48 plans to strengthen partnerships with banks and fintechs to create a more inclusive financial ecosystem.

Investor confidence in Flow48’s execution has been strong, with substantial debt facilities secured from global financial institutions. Breega’s CEO, Ben Marrel, praised the company’s consistent delivery and innovation in SME lending, positioning it as a leader in financial inclusion across emerging markets.