Flooss, a leading Sharia-compliant digital financing platform in Bahrain, has secured a $22 million credit facility structured by investment firm Shorooq. This landmark transaction is the first private asset-backed financing for a fintech company in the Kingdom of Bahrain. The capital will accelerate the company's growth, scale its lending solutions, and support its regional expansion ambitions.
A Milestone for Bahrain's Fintech Sector
The new credit facility marks a significant milestone for Bahrain's financial technology sector, signaling a new level of maturity and investor confidence. As the first private asset-backed structure of its kind, it establishes a precedent for how high-growth fintechs can secure institutional-grade capital. This development paves the way for more sophisticated financing mechanisms to support innovation within the region.
For Flooss, this investment serves as a powerful institutional validation of its proprietary underwriting model and operational discipline. The deal's structure underscores the quality of its financing assets and the robustness of its AI-driven credit engine. This endorsement from a leading investment firm provides a solid foundation for the company's next development phase.
Strategic Capital for Expansion
The $22 million in capital will be strategically deployed to scale Flooss's core Sharia-compliant cash financing products. This infusion of liquidity will enable the company to significantly expand its loan portfolio while maintaining high standards of credit control. The primary objective is to meet the growing demand from a digitally native consumer base for accessible financial solutions.
Fawaz Ghazal, Founder and CEO of Flooss, viewed the facility as a validation of the platform's technological integrity beyond just capital. He stated that the funding provides the resources to execute ambitious growth plans and solidify their market leadership in Bahrain. This move is a critical step towards realizing the company's vision for regional expansion.
Innovative Underwriting and Market Position
At the heart of Flooss's success is its advanced AI and machine learning credit engine, which utilizes alternative data sources like Open Banking. This technology enables the company to accurately underwrite customers often underserved by traditional financial institutions. By bridging this credit gap, Flooss promotes greater financial inclusion for an emerging segment of the population.
The company has already demonstrated impressive market traction, with over 500,000 app downloads and more than $100 million in financing issued. Its product suite includes instant cash financing up to 2,500 Bahraini Dinars and Sharia-compliant Buy Now, Pay Later options. These offerings provide immediate financial support under the regulation of the Central Bank of Bahrain.
Investor Perspective and Market Maturation
Joe Barron, a Principal at Shorooq, praised Flooss as a category leader that has successfully balanced rapid growth with exceptional portfolio quality. He attributed this achievement to the company's disciplined underwriting and the sophistication of its credit scoring model. This ability to scale responsibly was a key factor in Shorooq's decision to structure the facility.
The transaction reflects Shorooq's conviction that the future of GCC fintech will be built on bank-grade structures and robust risk frameworks. By structuring Bahrain’s first asset-backed fintech facility, the firm is helping to build an institutional funding layer for the industry. This infrastructure is essential for enabling leaders like Flooss to scale responsibly across the region.
In conclusion, Flooss's $22 million credit facility is a pivotal achievement that fuels its growth and signals a new era for Bahrain's fintech ecosystem. The deal highlights the convergence of innovative technology, disciplined financial management, and institutional investment in the region. With this strategic backing, Flooss is well-positioned to strengthen its market leadership and expand its mission of providing accessible financing.