UAE based embedded finance firm, Comfi has raised $65 million in a pre-Series A round that consists mainly of debt with some equity.
Iliad Partners was the lead investor in the equity tranche, followed by Yango Ventures and Raw Ventures, marking their first-ever investments in the region. The round also consists of a line of credit from Partners for Growth and mezzanine facility structured by Shorooq along with a family office backing.
Founded in 2023, Comfi is led by founders Sanjar Samiev, Alisher Akbarov, Amal Abdullaev and Denis Gavrilin. The trio has also some background in fintech, product and operations, a thorough industry knowledge of cash-flow problems of SMEs.
Everywhere in the region, SMEs fight with payment delays that may take months to clear. And that makes managing costs, planning growth or taking on more work difficult. With its B2B Buy Now Pay Later solution, Comfi wants to address this issue. This also enables suppliers to provide payment terms of up-to 90-days to buyers and receive funds in as little as 24-hours.
Sanjar Samiev said the firm was established to fill very real gaps in the market. He said that long payment cycles are a common barrier to business growth. Comfi makes use of AI-based danger checks to permit entrants to get access to funds once possible, he added.
Investors said it is addressing a core problem in the GCC market This role was emphasised by Iliad Partners when it mentioned how it is improving the accessibility of working capital to SMEs. Industry site Partners for Growth said the san Francisco company posted great adoption metrics and out this week, launched its first feature. Shorooq said that Comfi used actual transactions to create a relatively more reliable credit model.
To date Comfi has already processed 15,000 invoices. It collaborates with over 4,000 finance professionals and more than 1,000 clients throughout the region.
The new capital will assist the company to develop its products further, bolster its risk technology systems and accelerate regional growth throughout key MENA markets, helping tackle B2B operational challenges.
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