FlapKap, the Abu Dhabi-based FinTech leader, announced today it has secured $34m in combined debt and equity during its latest pre-Series A funding round.
This significant financial boost was led by BECO Capital and included substantial contributions from new investor Pact VC, according to a report from FinTech Finance 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 $37.6m.
The company is renowned for offering innovative revenue-based and embedded financing solutions tailored to the MENA region’s unique market demands.
This fresh capital infusion will enable FlapKap to further its reach across the UAE and GCC, allocating more resources to empower small and medium-sized enterprises (SMEs) and to maximize their growth potential. Additionally, the funds will enhance the company’s technological infrastructure to introduce new trade finance products specifically designed for B2B transactions.
Initially launched to aid e-commerce businesses, as well as industries such as retail and restaurants, FlapKap has expanded its services to support a broader spectrum of SMEs. The platform simplifies the funding process, allowing businesses to receive financing offers within just 48 hours of application by integrating seamlessly 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 in data has made it easier than ever to support SMEs, and at FlapKap, we’re rising to the occasion. By leveraging data and technology, we’re breaking down the barriers that SMEs face in accessing financial services.
“We’re now able to assess risk more accurately and reduce underwriting costs, addressing the two biggest obstacles faced by incumbent financial institutions. This investment will support our continued growth in the UAE and Egypt and further our expansion into the rest of the GCC, and help us gain valuable insights from our high-calibre investment partners.”
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