UAE FinTech startup Comfi secures $5m debt facility to boost B2B payments

UAE FinTech startup Comfi secures $5m debt facility to boost B2B payments

Comfi, a UAE-based FinTech company founded in 2023 by Alisher Akbarov, Amal Abdullaev, and Sanjar Samiev, has recently secured a substantial $5m debt facility from an undisclosed Abu Dhabi-based private family office.

This strategic financial boost is aimed at enhancing Comfi’s operations within the B2B payments sector, specifically catering to manufacturers and suppliers, according to a report from Wamda.

The investment of $5m is set to empower Comfi as it continues the deployment of its innovative payment solutions tailored for B2B transactions. These solutions, including embedded pay-later and pay-now options, are designed to facilitate seamless financial interactions along the supply chain, allowing business owners to offer extended credit terms of up to 90 days to their buyers.

Comfi operates primarily in the United Arab Emirates (UAE) and is extending its reach to the Kingdom of Saudi Arabia (KSA). With this new capital, the company anticipates facilitating an estimated $40m in B2B transactions across these regions over the next year, thereby reinforcing its position as a significant player in the Middle East’s B2B payments landscape.

Sanjar Samiev, CEO of Comfi, commented on the milestone, saying, “This substantial funding, alongside backing from a reputable Emirati family office, will allow Comfi to sign up more B2B companies and support their growth and success in their industries. We are committed to leveraging our advanced technology and strategic partnerships to drive innovation and foster financial inclusion in the UAE and KSA.”

Keep up with all the latest FinTech news here.

Copyright © 2024 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.