Dubai-based fintech Comfi has raised $65 million in a pre-Series A funding round, signaling growing investor confidence in embedded finance solutions designed to address one of the most persistent constraints facing small and medium-sized enterprises across the Middle East and North Africa.
According to the announcement, the equity portion of the round was led by Iliad Partners, with participation from Yango Ventures and Raw Ventures. The debt component includes a credit facility from Partners for Growth and a mezzanine facility structured by Shorooq Partners, alongside a family office.
Across MENA, SMEs are often caught in a cycle that is both familiar and limiting: they deliver goods or services, issue invoices, and then wait, sometimes for months, to get paid. That delay can quietly stall growth, forcing businesses to postpone hiring, reduce inventory, or pass on new opportunities altogether.
Comfi was founded in 2023 specifically to address this issue. The company offers a B2B embedded finance platform that allows suppliers to receive payment within 24 hours, while giving buyers the flexibility to pay over periods of up to 90 days.
Rather than requiring businesses to apply for loans separately, Comfi integrates financing directly into transactions. This approach effectively transforms invoicing from a waiting game into an immediate liquidity event, a shift that reflects the broader evolution of embedded finance globally.
Built From Firsthand Experience
The company was founded by Sanjar Samiev, Alisher Akbarov, Amal Abdullaev, and Denis Gavrilin, a team with experience across fintech operations, product development, and supply chain challenges.
Sanjar Samiev, Co-founder and CEO of Comfi, said: "We built Comfi from firsthand experience with how disruptive payment cycles can be to an SME's operations. When you're waiting over 60 days to get paid, you can't invest in inventory, hire the right people, or take on new opportunities, you're just surviving. We're fixing that by combining embedded finance with AI-driven risk and underwriting to unlock capital instantly, without the friction of traditional lending. This Pre-Series A round gives us the resources to scale our products, strengthen our regional partnerships, and expand access to fast, reliable working capital across MENA.” .
Comfi’s model attempts to remove that friction by combining embedded finance with AI-driven underwriting, allowing capital to be deployed quickly while managing credit risk in real time.
A Hybrid Funding Strategy
The structure of Comfi’s latest funding round reflects a broader shift in how fintech companies, particularly those operating in lending or working capital, are raising capital.
By combining equity with debt and mezzanine financing, the company can scale its lending capacity without relying solely on dilution-heavy venture funding. This blended model is increasingly common among fintech firms that need access to capital pools to support their core products.
Investors appear to be betting not just on Comfi’s growth trajectory, but on the scalability of its underwriting model. The company uses transaction-level data to assess credit risk, aiming to deliver faster and more precise financing decisions than traditional lenders.
Early Traction Signals Demand
Since its launch, Comfi reports processing more than 15,000 invoices and serving over 1,000 clients across multiple industries, highlighting strong early demand for faster access to working capital.
This traction is not surprising given the structural gap in SME financing across the region. Traditional banks have historically been cautious in lending to smaller businesses, often requiring collateral or lengthy approval processes that limit accessibility.
In contrast, embedded finance platforms like Comfi operate closer to the transaction itself, allowing them to assess risk using real-time operational data rather than static financial statements.
Expansion Plans Across MENA
The newly raised capital will be used to expand Comfi’s underwriting capabilities, enhance its product offering, and accelerate growth across key markets in the region.
The company is also expected to deepen its integration with supply chain platforms and enterprise systems, positioning itself as part of the financial infrastructure that underpins day-to-day business operations.
This direction aligns with a broader industry trend in which financial services are increasingly embedded within non-financial platforms, reducing friction and improving access to capital.
Comfi’s funding round comes at a time when embedded finance is gaining momentum across emerging markets. In regions where SMEs form the backbone of the economy but remain underserved by traditional financial institutions, alternative models are beginning to reshape how capital flows.
The core issue remains unchanged: timing. Access to capital is not just about availability, but about when it arrives. By shortening the gap between delivery and payment, platforms like Comfi aim to unlock growth that would otherwise remain constrained.
