Flow48 Podcast: Redefining SME Lending in Emerging Markets

In this episode of the B Model Podcast, we sit down with Idriss Al Rifai, CEO & Co-Founder of Flow48, a leading fintech revolutionizing SME lending across emerging markets. Flow48 has just secured a $69 million Series A funding round, a major milestone in its journey to redefine access to capital for underserved SMEs across the Middle East and Africa. The round, a combination of debt and equity, was led by Breega with further investments from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, among others.

A Year of Exceptional Progress

Flow48 has made significant strides over the past year, surpassing its roadmap targets and achieving key milestones, including:

• Securing a large and scalable debt facility from sophisticated financial institutions.

• Strengthening its market presence in South Africa while cementing its position in the UAE.

• Introducing new products for SMEs and expanding into Saudi Arabia and other key markets.

Scaling Across MENA

With this new funding, Flow48 is set to further expand in its two key markets and establish a strong presence in Saudi Arabia, the largest economy in the MENA region. Saudi Arabia’s SME ecosystem remains underdeveloped, presenting an opportunity for Flow48 to bridge the gap. Additionally, the company is enhancing its platform capabilities by leveraging alternative data sources and advanced risk assessment tools to deliver tailored financial solutions to SMEs.

"We’ve seen tremendous progress in the SME lending landscape, and this additional funding allows us to enhance our services even further," Idriss shares on the podcast. "SMEs are the backbone of every economy. They create 90% of jobs and contribute to 50% of GDP, yet they remain under-supported. We’re deeply committed to bridging this gap and fostering sustainable growth."

Driving Economic Transformation

Flow48 is doing more than just lending. It is centralizing critical data insights in a region where SME operational data is often fragmented. By aggregating data on payments, operational behaviors, and sector-specific performance, the company is laying the groundwork for smarter decision-making and risk-based lending.

Aligned with regional government initiatives to diversify economies beyond oil, gas, and real estate, Flow48 is playing a pivotal role in empowering SMEs to drive economic transformation. Traditional financial institutions and fintechs are also taking note, seeking partnerships to distribute SME lending solutions, further solidifying Flow48’s leadership in the sector.

"The SME lending space is seeing rapid growth across the region, with recent capital raises demonstrating the sector’s enormous potential," Idriss explains. "This is a tide that raises all boats. Every success in this space benefits the sector as a whole, and we’re thrilled to contribute to this momentum while working to be the leader in the region."

Investor Perspectives

Flow48’s success has been reinforced by strong investor confidence. Breega, which led this funding round, emphasized the company’s ability to execute its vision effectively.

Ben Marrel, CEO & Founding Partner at Breega, commented: "It’s an honor to lead Flow48’s Series A. The team’s ability to consistently deliver on their ambitious roadmap is remarkable, demonstrating both vision and execution. Their innovative approach to SME financing is reshaping the lending landscape in the GCC, unlocking capital for businesses that are the backbone of the region’s economy. We are proud to support Flow48 in scaling their impact and driving financial inclusion across the market."

Enrique Martínez Hausmann, Principal at Speedinvest, added: "I’ve had the privilege of watching Flow48 grow since their pre-seed round, and I’m incredibly impressed by how they have executed their vision. Idriss and his team are building something unique and impactful, and having seen similar revenue-based financing models succeed in other regions, I’m confident Flow48 is on track to lead the market."

Allen Taylor, Managing Partner at Endeavor Catalyst, noted: "At Endeavor, we believe the power of being a serial founder lies in how each venture builds on the last—deepening expertise, sharpening execution, and amplifying impact. Since joining our community in 2015, Idriss Al Rifai hasn’t just shaped the tech sector in MENA; he’s become a role model for the next generation of founders. We’re proud to back him and the Flow48 team as they redefine SME lending in the region."

Hasan Haider, Managing Partner at +VC, also shared his thoughts: "We are excited to back Idriss and his team as they redefine access to capital for SMEs across MENA. Flow48 is addressing a critical gap, offering the rapidly increasing demand for financing solutions in the dynamic SME lending arena. We look forward to supporting them as they pioneer to become leaders in this space."

As Flow48 embarks on this next phase of growth, its vision remains clear: to reshape SME lending across emerging markets, bridge the financing gap, and drive economic inclusion. With strong investor backing, a robust technological foundation, and a clear roadmap, the company is well-positioned to lead the sector into the future.

Tune in to this episode of the B Model Podcast to hear more from Idriss Al Rifai about Flow48’s journey, the evolving SME landscape, and the impact of fintech innovation in MENA.