Fintech firm Flow48 allocates $10 million to SA SMEs - CAJ News Africa
Summary
by DION HENRICKCAPE TOWN, (CAJ News) THE finance technology company, Flow48, has announced the successful close of its US$69 million Series A funding round to scale operations in Saudi Arabia, South Africa and United Arab Emirates (UAE).Of this amount, $10 million 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 companys 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.He noted small and medium enterprises were the backbone of every economy.They create 90 percent of jobs and contribute to 50 percent of GDP, yet they remain under-supported.Were deeply committed to bridging this gap and fostering sustainable growth, Al Rifai said.In South Africa, SME lending 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.With this new funding, Flow48 is set to expand further in its current markets and replicate its solutions in Saudi Arabia, delivering value to a sizable SME ecosystem across markets.