FlapKap Raises $34 Million in Pre-Series A Funding to Transform SME Financing in MENA

FlapKapAbu Dhabi-based FinTech leader, today announced that it has raised $34 million in combined debt and equity in its latest pre-Series A funding round.

The significant financial boost was led by BECO Capital and included substantial contributions from new investor Pact VC, according to a report by FinTech Financial News.

Additional support also came from existing backers such as A15, Nclude and QED Investors. The round was also bolstered by debt financing from Channel Capital, bringing FlapKap’s total funding to $37.6 million.

The company is renowned for offering innovative, revenue-based and integrated financing solutions tailored to the unique demands of the MENA market.

This new capital injection will enable FlapKap to expand its presence in the UAE and the GCC, allocating more resources to empower small and medium enterprises (SMEs) and maximise their growth potential. In addition, the funds will enhance the company’s technology infrastructure to introduce new trade finance products specifically designed for B2B transactions.

Initially launched to help e-commerce businesses, as well as sectors such as retail and restaurants, FlapKap has expanded its services to support a wider range of SMEs. The platform simplifies the financing process, allowing businesses to receive financing offers within 48 hours of application by seamlessly integrating with e-commerce platforms and social media.

Ahmad Coucha, CEO and Co-Founder of FlapKap, highlighted the transformative impact of the new investments: “The growth of data has made it easier than ever to support SMEs, and at FlapKap, we are rising to the occasion. By leveraging data and technology, we are removing the barriers SMEs face in accessing financial services.”

“We are now able to assess risk more accurately and reduce underwriting costs, enabling us to overcome the two biggest hurdles faced by incumbent financial institutions. This investment will support our continued growth in the UAE and Egypt, as well as our expansion across the rest of the GCC, and help us gain valuable insights from our high-calibre investment partners.”

Investors

The following investors have been identified in this article.