FlapKap
Egypt-born, Abu Dhabi-headquartered fintech giving SMEs revenue-based funding, merchant advances and credit lines. It announced a USD 34 million pre-Series A in September 2024.
Industry: SME financing (revenue-based funding) | Location: Abu Dhabi, United Arab Emirates | Founded: 2022 | Total Funding: USD 38.8M
About FlapKap
FlapKap is a financing platform for small and medium-sized businesses that began in Egypt and is now headquartered in Abu Dhabi. It provides revenue-based working capital mainly to e-commerce, retail, restaurant and clinic businesses,. Its website lists offices at Hub71 in Abu Dhabi, Dubai Silicon Oasis and Maadi in Cairo.
FlapKap's timeline says it was incorporated in Cairo in January 2022, onboarded its first brand in July 2022 and launched in the UAE in December 2022. Ahmad Coucha is co-founder and chief executive. Khaled Nassef is co-founder and chief technology officer, and Sherif Bichara leads financial operations. Coverage of the 2024 round lists Kunal Harisinghani as a fourth co-founder.
The website describes four products. Revenue-Based Funding gives e-commerce businesses capital repaid as a share of revenue, a POS Merchant Advance covers retail, restaurant and clinic merchants, a Dynamic Credit Line uses trade receivables as collateral, and Unlock Receivables advances money owed by customers. It states terms of up to six months and a fixed fee of 1.5 to 2.5 percent a month, connects to bank accounts, QuickBooks, Zoho, Shopify and Amazon, and says offers arrive within 48 hours. Techpoint Africa reported that it underwrites with AI models and open banking data.
The website names Mastercard, which selected it for its Start Path Small Business programme as the only Middle East participant, and lists Aramex, Telr and Amazon as partners for merchant financing, without dates.
FlapKap raised USD 1.2 million in March 2022 in a round led by A15. In October 2022 Arab News reported a USD 3.6 million seed round backed by Outliers, A15 and Bolt by QED. In September 2024 it announced a USD 34 million pre-Series A of equity and debt, led by BECO Capital with Pact VC, A15, Nclude and QED Investors, and with debt from Channel Capital. Coverage put total funding at USD 37.6 million.
The company said the 2024 money would support growth in the UAE and Egypt, GCC expansion and B2B trade finance products.
Leadership
- Ahmad Coucha, Co-founder and Chief Executive Officer
- Khaled Nassef, Co-founder and Chief Technology Officer
- Sherif Bichara, Co-founder; leads financial operations
- Kunal Harisinghani, Co-founder
- Amr Gamal, Chief Operating Officer