Flow48 secures $69m to boost SME lending operations in SA
Flow48, a fintech firm specialising in SME lending within emerging markets, has announced the successful completion of its $69m Series A funding round to expand operations in the UAE, South Africa, and Saudi Arabia. Of this total, $10m will be allocated specifically for scaling operations in South Africa.
Source: Pexels
The funding round, which is 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.
“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.”
“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 while working to be the leader across the markets in which we operate.”
