Embedded finance platform Comfi plans Saudi expansion after raising USD 65 mn in debt and equity

Dubai-based B2B embedded finance platform Comfi closed a USD 65 mn pre-Series A round consisting of equity and debt to help it scale its regional footprint and expand “aggressively” into Saudi Arabia by next year, co-founder and CEO Sanjar Samiev tells us. The equity portion was led by Iliad Partners, with Yango Ventures and Raw Ventures making their first-ever regional investments, according to a statement (pdf). The round also includes a credit facility from US-based private credit provider Partners for Growth and a mezzanine facility from Shorooq Partners.

Why this matters now: The funding round comes at a time when SMEs’ margins are more squeezed than ever, input costs are skyrocketing — from gasoline to raw materials — and ongoing supply chain disruptions are straining plenty of companies.

“Demand has never been higher,” Samiev says. “When margins compress and costs rise unpredictably, the one lever SMEs can control is timing — when they pay and when they get paid,” he adds.

The startup offers SMEs 90-day installment plans while paying suppliers instantly, a setup that he says has now shifted “from a convenience to a genuine operational necessity for a large part of our customer base.” The startup has processed some USD 75 mn in transactions over the past 12 months via its platform.

Most of Comfi’s customers have already absorbed supply chain volatility into their new pricing structures, Samiev explains, adding that it’s likely the consumer’s turn next, making working capital access for SMEs important for the entire supply chain. “The adjustment has happened at the sourcing and pricing level — and now the pressure point is

cashflow timing, which is exactly what we solve,” he says.

The wider backdrop for SMEs has seen freezones, lenders, and government entities roll out support packages for the sector in recent weeks. From Emirates NBD to Dubai South and startups like Qashio, measures including deferred fees and waived penalties aim at cushioning private-sector strain linked to the regional conflict.

It’s also great timing for the startup itself, especially as some foreign investors are expected to tighten their purses when it comes to regional investments, given the headwinds facing the region during the war. This round “gives us 18 months of operational runway to grow without the pressure of fundraising in an even more uncertain environment,” Samiev says.

The mix of regional and global investors is another important signal. “Regional investors bring context, network, and credibility within the markets we operate in,” Samiev says. Meanwhile, global investors “bring a benchmark — they’re comparing us not just to GCC fintechs but to what’s working in Europe, Southeast Asia, and the US,” he adds.