Abu Dhabi - Sharikat Mubasher: FlapKap, an Abu Dhabi-based fintech platform, secured $34 million in a pre-Series A funding round led by BECO Capital with contributions from Pact VC, A15, Nclude, QED Investors, and Channel Capital.
The round, which included debt and equity financing, raised FlapKap’s total funding to $37.6 million, according to the company’s statement.
FlapKap will use the funding to broaden its financing services for small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) and the GCC.
Part of the funding will be utilized to enhance fintech infrastructure and launch trade finance products designed specifically for business-to-business (B2B) businesses.
Ahmad Coucha, Co-founder and CEO of FlapKap, said: “This investment will support our continued growth in the UAE and Egypt and further our expansion into the rest of the GCC.”
Founded in 2022, FlapKap provides revenue-based and embedded financing solutions to empower SMEs in the e-commerce, retail, and restaurant sectors to scale their inventory and digital ads through instant funding, with the flexibility to pay later.
Its data-driven approach integrates unconventional data sources from eCommerce sites, social media, payment gateways, and bank accounts to assess applicants. Additionally, it uses AI-powered models and open banking to provide accurate underwriting while lowering operating costs.
