Sharia-compliant digital consumer financing platform Flooss, based in Bahrain, has recently secured a significant credit facility of USD 22 million from Shorooq, an investment firm regulated by the FSRA as a Fund Manager.

This funding will support Flooss’s growth and enhance its instant lending services. The investment underscores the validation of Flooss’s proprietary underwriting model within the financial sector.

Shoring Up Growth in Bahrain

The USD 22 million credit facility highlights Flooss’s robust technological framework and operational efficiency, providing necessary liquidity to expand both its portfolio and lending solutions. Flooss distinguishes itself through a unique AI/ML Credit Engine that uses data sources like Open Banking and Handset data sets to assess and finance customers who might otherwise be excluded by traditional banking.

This engine enables Flooss to offer quick financing of up to approximately USD 6,630, directly deposited into beneficiaries’ bank accounts. Additionally, the company provides Shariah-compliant buy now, pay later (BNPL) solutions and supports the Souq device-financing marketplace, both of which are highly sought after by consumers.

Shorooq views Flooss as a pioneer in demonstrating that optimized underwriting can simultaneously achieve rapid growth and maintain high-quality portfolios. This modern scoring model ensures credit controls and stringent underwriting practices even as lending volumes grow, addressing the needs of the consumer financing segment.

The structured facility also demonstrates Shorooq’s commitment to fostering a robust funding infrastructure for high-growth, regulated fintechs across the GCC region, particularly focusing on key markets like Saudi Arabia. The capital will be used to scale Flooss’s Shariah-compliant cash financing solutions. Flooss is currently licensed by the Central Bank of Bahrain (CBB), and its offerings are verified by Dar Al Marja’ Al Shar’ia.