Comfi, a Dubai-based provider of collateral-free working capital to B2B SMEs in the UAE and MENA, has raised $65M in a Pre-Series A round led by Iliad Partners. The hybrid equity-debt funding includes participation from Yango Ventures and Raw Ventures, with credit facilities from Partners for Growth and Shorooq. Comfi offers Buy Now Pay Later, invoice discounting, dealer financing, and installments, enabling suppliers to receive upfront payments while buyers get flexible terms. The capital will scale underwriting, product development, and expansion across MENA.
UAE B2B BNPL Hits $1.97B
The raise arrives as the UAE B2B Buy Now Pay Later market reaches $1.97B in 2026, projected to grow to $4.66B by 2030 at a 23.9% CAGR. Consumer BNPL leaders like Tabby recently secured a CBUAE wallet license to enter B2B, while Tamara expands similar offerings. Comfi differentiates with pure B2B focus, AI underwriting for 24-hour payouts from just four documents, and full risk transfer to suppliers.
SME Cashflow Delays Stall Growth
UAE SMEs, comprising 94% of businesses, face prolonged B2B payment cycles averaging 70+ days, with manufacturers contributing 13.5% to non-oil GDP yet underserved by banks at 9.5% lending penetration. Traditional lending requires collateral and weeks of processing, forcing SMEs to chase invoices or rely on high-cost family loans. This $160B SME capital gap hampers operations in sectors like automotive, construction, and F&B.
AI Underwriting Unlocks Instant Capital
Comfi's platform uses AI-driven risk engines to approve limits in four hours and fund invoices in 24 hours without collateral. Unlike P2P models like Beehive, which depend on investor matching, Comfi provides direct funding via API integrations for seamless supplier payouts. Partners like Perfios enhance bank statement analysis for precise decisions.
As CEO Sanjar Samiev noted:
"Every investor in this round saw a different opportunity, and that’s exactly what made the structure work."
Hybrid Funding Fuels MENA Scale
Iliad Partners, focusing on MENA B2B fintech, led the equity portion, drawn to Comfi's post-revenue traction with 1,000+ SMEs and 15,000+ invoices financed. Yango Ventures' emerging markets expertise and Raw Ventures' tech disruption thesis mark their first MENA deals. Debt from Partners for Growth enables aggressive growth without heavy dilution.
Competitors Chase B2B Expansion
Tabby for Business leverages its $700M+ funding for B2B BNPL extensions from consumer roots. Beehive offers invoice financing with $15.5M equity but relies on marketplace investors. Invoice Bazaar ($6.1M raised) targets e-commerce, while Lendo ($28M Series B) focuses on Sharia-compliant crowdfunding. Comfi's edge lies in speed and broad B2B coverage across UAE sectors.
Founders Bring Exit Pedigree
Co-founders Sanjar S. (CEO) and Alisher Akbarov (COO) previously built Wings.ae, acquired by Amazon/Souq in 2017 to bolster UAE delivery. CFO Dennis Gavrilin built credit risk engines reducing NPLs by 3.5% at Ingosstrakh Bank, while CRO Amal Abdullaev scaled products at Tinkoff. This blend of exits, risk expertise, and fintech ops positions Comfi for regulatory navigation and hypergrowth.
MENA Expansion Accelerates
With $5M debt secured in 2024 and now $65M, Comfi eyes KSA/UAE scaling, hiring in risk and CX, and new products like auto dealer financing. Recent customer wins in construction (Binja) and furniture (Furniconcepts) show 30% sales growth for partners, signaling product-market fit amid fintech funding resurgence.