FlapKap raises $3.6 million in seed funding to provide financing to e-commerce brands in MENA
FlapKap, an Egyptian fintech startup providing revenue-based financing for e-commerce brands in the MENA region has announced the close of a $3.6 million seed funding round.
- FlapKap was launched in 2022 by Ahmad Coucha and Khaled Nassef with Sherif Bichara and Adel Hodroj on the founding team. The startup provides business financing for eCommerce and SaaS businesses in the Middle East and North Africa and raised its recent round of funding from QED, Nclude, A15, and Outliers.
- FlapKap’s business model is one where it finances e-commerce platforms’ expenditures and recoups its money when these brands pay back a percentage of their revenues until repayment is complete.
- Since launching, the startup has reportedly grown 300% quarter over quarter, while helping users generate over 80% increase in revenue and 70% in net profits.
- With this funding, FlapKap will expand its operations in Saudi Arabia, the UAE and Egypt by offering e-commerce businesses the ability to scale their inventory and digital ads now, while flexibly paying later.
- FlapKap has also recently integrated its AI-based insights and financial data analytics with Shopify, WooCommerce, Facebook and Google, and expects to strike more partnerships, it said in a statement.
