FlapKap, an Abu Dhabi-based fintech platform, committed to offering revenue-based financing solutions, has raised US$34 million in a pre-Series A funding round, increasing its total funding to US$37.6 million.
The new investment, led by BECO Capital, also included significant new investments from Pact VC. Other existing investors like A15, Nclude, QED Investors also participated in the round and Flapkap got debt financing from Channel Capital.
This new funding will help FlapKap expand its SME financing services across the MENA and GCC regions and enhance its technology to address the SME financing gap estimated at US$180 billion.
Founded in 2022 by Ahmad Coucha, Khaled Nassef, Sherif Bichara and Kunal Harisinghani, FlapKap aims at helping e-commerce businesses and other consumer-facing industries like retail and restaurants scale their inventory and digital advertising through prompt funding, coupled with flexible repayment terms.
The firm broke the news of its successful funding round on its LinkedIn page with a statement.
“Today, we announce the successful completion of our latest funding rounding of $34M in new debt and equity!
“A heartfelt thank you to BECO Capital for leading the round and Pact VC for their significant backing. The round also included follow-on investment from A15, Nclude, and QED Investors and debt financing from Channel Capital.
“This new capital will accelerate our mission to empower SMEs in the UAE and GCC. We’re also investing in advanced tech infrastructure and launching new trade finance products to support B2B businesses in their growth journey.
“Our goal is to close the $180B SME financing gap in MENA by leveraging the latest data and AI technology. We are excited for what’s to come and grateful to have such a strong network of supporters. Thanks for being part of the journey!” the statement said.
