Flow48
“Can a data-driven, AI-underwritten revenue-based financing platform become the default working capital layer for SMEs across the GCC and sub-Saharan Africa?”
Founded2022
HQDubai, United Arab Emirates
FoundersIdriss Al Rifai
Total raised$149.2M (debt + equity combined)
Latest roundSeries A, February 2025
IndustryFintech / Lending
The story
Founded in 2022 by Idriss Al Rifai, who previously helped build one of the GCC's first unicorns, Flow48 launched as a Revenue-Based Financing (RBF) platform targeting underserved SMEs in the UAE. The company integrated with ERP systems, payment gateways, and e-commerce platforms to power AI-driven credit underwriting. After proving the model in the GCC, it expanded into South Africa by 2025 with both Revenue-Based Financing and Invoice Financing, positioning itself as a pan-emerging-markets alternative lender to SMEs that lack access to traditional bank credit.
Product timeline
2022
Flow 48 Limited incorporated; raised initial seed round led by Speedinvest and launched pilot deals in the UAE to test Revenue-Based Financing product.· lending
2022
Launched pilot deals to fine-tune product metrics, underwriting process, and first iteration of risk engine.· lending
2023
Raised $25M pre-Series A; announced expansion plans into South Africa with invoice and revenue-based financing products.· lending
2025
Raised $69M Series A led by Breega; launched operations in South Africa and announced expansion into Saudi Arabia.· lending
The stack
1 layer disclosed in Flow48’s embedded-finance stack
Lending
Revenue-Based FinancingInvoice Financing
Accounting gap: significant