by k z | Sep 11, 2024 | Startups News
UAE-based fintech FlapKap has successfully raised $34 million in a pre-Series A round, combining both debt and equity financing. BECO Capital led the round, while Pact VC, A15, Nclude, QED Investors, and Channel Capital also contributed. This funding marks a major milestone in FlapKap’s growth journey.
Founded in Egypt in 2022 by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani, FlapKap offers financial solutions designed for small and medium enterprises (SMEs). The company helps SMEs boost their inventory and digital advertising spend with quick access to cash, which they can repay later. Consequently, these businesses can scale more effectively.
Rapid Growth and Expansion Plans
Previously, FlapKap raised $3.6 million in seed funding in 2022, increasing the total funding to $37.6 million. With this new investment, FlapKap plans to extend its services across the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) regions. Additionally, they will enhance their technology infrastructure to launch new trade finance products for B2B businesses. This strategic move will strengthen FlapKap’s position in the fintech industry.
FlapKap’s Innovative Approach
FlapKap distinguishes itself through its data-driven approach in evaluating loan applicants. The platform integrates data from eCommerce platforms, social media, and bank accounts to assess businesses. Additionally, AI-powered models and open banking streamline the process and cut operational costs, enabling FlapKap to deliver loan offers within 48 hours. This approach not only accelerates the process but also provides SMEs with flexible and accessible financing options.
Addressing the SME Financing Gap
SMEs represent 90% of businesses in the MENA region, yet many face difficulties in securing funding. FlapKap addresses this issue by automating the lending process. According to the International Finance Corporation, the SME financing gap in MENA totals $180 billion. By bridging this gap, FlapKap ensures that more SMEs can access the funds they need to grow.
For more startups and investment news, stay updated with our daily blogs. Explore the latest trends, funding rounds, and industry insights to keep informed and ahead in the dynamic world of startups.
by k z | Sep 4, 2024 | Startups News
Dubai-based HR SaaS startup Cercli has raised $4 million in a seed funding round led by Afore Capital, a US-based venture capital firm. Notably, this is Afore Capital’s first investment in the MENA region, highlighting the increasing interest in the area’s tech ecosystem.
Diverse Investment Support
The seed round attracted several high-profile investors. Amir Farha’s COTU Ventures, Y Combinator, Rebel Fund, and various angel investors also participated. Among the notable angel investors were Karim Atiyeh, co-founder of Ramp, and Sebastian Mejia, co-founder of Rappi. Additionally, Tony Dong, former VP of Engineering at Rippling, and Tony Jamous, co-founder of Oyester, invested. Other contributors included Allison Pickens and founders and executives from Kitopi, Careem, and other MENA startups.
Streamlining HR Processes
Founded last year by Akeed Azmi and David Reche, Cercli aims to transform payroll and workforce management in the MENA region. The platform offers a solution that integrates several back-office functions. These include local payroll, remote contractor management, HR services, and onboarding. As a result, businesses can eliminate the need for multiple tools, leading to more streamlined operations.
Moreover, Cercli’s product integrates with various HR, finance, accounting, legal, and IT software. This makes it a versatile tool for managing distributed teams.
Rapid Growth and Expansion Plans
Since launching earlier this year, Cercli has grown rapidly. The startup reports a 25% increase in monthly activity. It has also facilitated over $23 million in salary payments across 31 countries. This growth demonstrates Cercli’s capability to handle significant payroll volumes.
Akeed Azmi, co-founder of Cercli, emphasized the platform’s importance in addressing compliance challenges. “We built Cercli to replace multiple isolated systems with a singular, modern payroll and employee data platform. This empowers businesses to manage their local payroll, remote contractors, employer of record services, HR, and onboarding efficiently.”
Future Prospects
Cercli plans to use the newly acquired funds to enhance its product offerings. Additionally, it aims to accelerate its expansion into Saudi Arabia. Anamitra Banerji, Co-founder & Managing Partner at Afore Capital, noted the startup’s potential. He stated, “Cercli is addressing one of the region’s largest challenges—managing a global workforce while meeting compliance requirements. This investment reflects our belief in the MENA region’s untapped potential and the transformative impact of visionary founders like Akeed and David.”
With a solid team and a growing client base, Cercli is positioned to become a key player in the MENA region’s HR technology landscape.
For more updates and insights on the latest developments in tech startups, visit kzaad.com.
by k z | Sep 3, 2024 | Startups News
UAE-based fintech Ziina has raised $22 million in Series A funding. Led by US-based Altos Ventures, this investment also includes notable investors like Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.
Expanding Financial Services
Founded in 2020 by Faisal and Sarah Toukan, Ziina quickly became a major financial player. The app allows users to send and receive payments using just a phone number, eliminating the need for IBANs or Swift Codes. Ziina launched its digital wallet in February 2022. Moreover, the new funding will help Ziina expand from a payment solution to a full-service financial provider. The upcoming ZiiCard will showcase this growth.
Navigating a Challenging Market
Despite a drop in global fintech funding from $144.2 billion in 2021 to $40.7 billion in 2023, Ziina’s success highlights its strong market position and investor trust. Over the past year, Ziina has achieved a tenfold revenue increase and a 34% month-on-month rise in customers. The recent acquisition of the SVF license from the Central Bank of the UAE further boosts its credibility.
Meeting SME Needs
Ziina serves 560,000 SMEs in the UAE, which make up over 94% of businesses and contribute about 60% of the GDP. While 77% of UAE SMEs have adopted digital payments, 50% still face finance and cash flow challenges. Ziina’s solutions, including payment gateways and POS systems, aim to address these issues and support growth.
Driving Innovation and Growth
The $22 million Series A funding will boost Ziina’s tech and innovations. The ZiiCard will streamline business payments, while new features will enhance personal expense management. Faisal Toukan, CEO and Co-Founder, noted, “Ziina’s strong SME demand, SVF license, and investor support will drive fintech evolution in the UAE and beyond.
Attracting Top Talent
Ziina has attracted talent from tech giants like Apple, Uber, Nubank, Klarna, Coinbase, Amazon, FundingCircle, and Yandex. With the new funding, Ziina will also add experts from Revolut and Nubank, who played key roles in scaling their companies to valuations of $45 billion and $70 billion.
by k z | Sep 2, 2024 | Startups News
Verofax, a UAE-based Web3 services provider, recently raised $3 million in a bridge round. This funding significantly strengthens its position in the industry. King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK led the round. Additionally, Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC participated, marking an important milestone for the company.
Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax uses advanced technologies like augmented reality (AR), blockchain, and artificial intelligence (AI) to enhance experiences for tourists, shoppers, and brands. These innovations boost user engagement, drive conversions, and increase social virality. As a result, Verofax has become a trusted partner for global brands.
Strategic Expansion in the Middle East and EU
With this new funding, Verofax is set to accelerate its expansion. The company plans to develop AI-powered guides for the GCC region and sports fan guides for the EU and North America. These projects will change how consumers interact with destinations, retailers, and sports stadiums. By offering personalized, gamified experiences, Verofax sets a new standard for customer engagement.
In fact, Verofax’s CEO, Wassim Merheby, expressed excitement about the new partnerships. He emphasized, “Our solution elevates tourist experiences, unlocks personalized discounts, and offers gamified ‘Explore to Win’ sponsored games in augmented reality. Brands can now enhance their marketing efficiency, power direct-to-consumer communication, and deliver amazing experiences to drive growth and boost loyalty.”
Building on Success: Verofax’s Proven Track Record
This latest funding builds on Verofax’s previous successes. In 2022, the company raised $1.5 million in a pre-Series A round led by Benson Oak Ventures, with participation from 500 Global, Wami Capital, and Vernalis Capital. Verofax consistently attracts high-profile investors, validating its innovative approach and market potential.
Additionally, Verofax’s proprietary technologies serve industry giants like Anheuser Busch Inc. and Emirates Airlines. These solutions cater to sectors such as retail, tourism, and sports. Verofax’s leadership in Web3 solutions continues to grow.
Looking Forward: The Future of Web3 with Verofax
Verofax continues to push the boundaries of Web3 technologies, aiming to make a lasting impact on the global market. With a focus on AI and AR, Verofax positions itself to lead the next wave of digital transformation. By delivering unparalleled experiences and driving growth, Verofax actively shapes the future of the Web3 landscape.
For more insights into Web3 and startup innovation, visit kzaad.com. Stay tuned for daily updates and in-depth analyses of trends shaping technology and business.
by k z | Aug 28, 2024 | Successful Entrepreneurs
Emirati Women’s Day, celebrated annually on August 28th, honors the remarkable contributions of women in the UAE. This year, in alignment with the theme “We Share for Tomorrow,” the celebration reflects the visionary guidance of H.H. Sheikha Fatima bint Mubarak, the UAE’s esteemed Mother of the Nation. To commemorate this special day, we sought insights from several prominent Emirati women who generously shared their valuable lessons. These insights not only offer inspiration but also provide guidance for women around the globe.
H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum
“Emirati women have demonstrated exceptional competence across various fields, both locally and internationally. Consequently, they are the heart of our nation, playing a crucial role in nurturing future leaders and driving progress.”
H.H. Sheikha Bodour bint Sultan Al Qasimi
“The story of Emirati women is one of resilience and inspiration. Their roles in government, education, business, and technology underscore their vital contributions to our nation’s advancement. Indeed, their achievements extend beyond our borders, setting a powerful example for future generations.”
Abeer AlShaali
“As an Emirati professional, I’ve learned the importance of considering multiple perspectives. By listening to diverse viewpoints, one can enhance decision-making and foster better connections with others.”
Dr. Saeeda Jaffar
“The UAE’s focus on women’s empowerment has been pivotal for my career. For instance, from encouraging early interest in STEM to promoting female representation in leadership roles, the supportive environment here has been crucial for the success of many Emirati women.”
Huda Sabil Abdulla
“Emirati women have significantly shaped our society, and their exemplary standards inspire future generations. Therefore, celebrating their achievements today reflects our collective appreciation for their invaluable contributions.”
Amna Al Mazmi
“Emirati women excel in advancing humanitarian and social causes. Their dedication highlights our nation’s commitment to global solidarity and community support.”
Hanan Alrubaiai
“Being authentic and leveraging personal strengths are key to success. Remarkably, Emirati women lead with confidence and make impactful contributions by embracing their unique qualities.”
Hayat Al Hassan
“Emirati Women’s Day celebrates the impactful innovations of Emirati women. By embracing innovation and striving for excellence, they drive positive change and contribute significantly to a knowledge-based economy.”
Conclusion
As we celebrate this Day, let us honor these trailblazers and embrace their lessons. Their achievements not only enrich our present but also pave the way for a brighter, more inclusive future.
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