CredibleX, an innovative working capital finance platform for small and medium-sized enterprises (SMEs) in the UAE, has achieved remarkable success since launching its pilot eight months ago. The platform has already disbursed AED 100 million in loans to SMEs, providing much-needed financial support to the backbone of the UAE’s economy.
Through partnerships with over 35 distribution channels, including Network International, DMCC, National General Insurance, Agthia, Watermelon, and Mamo, CredibleX has enabled more than 100,000 SMEs to access credit seamlessly. By integrating its platform directly into business operations, CredibleX offers fast, transparent, and hassle-free financing solutions tailored to meet the unique demands of SMEs in the region.
$55M Seed Funding Boosts Expansion Plans
CredibleX recently raised AED 200 million (US$55 million) in equity and debt funding, securing investments from prominent backers such as Further Ventures, Kilgour Williams Capital, Berkley Square Finance, and other key financial institutions. The funding will be instrumental in scaling CredibleX’s operations and expanding its offerings to reach even more SMEs across the UAE.
H.E. Alia Al Mazrouei, UAE’s Minister of State for Entrepreneurship and SME, commended CredibleX for its innovative approach:
“I am pleased to see how CredibleX is driving SME financing forward through technology. Their efforts align with the UAE’s vision of fostering entrepreneurship and innovation. The Ministry remains committed to supporting initiatives like CredibleX that empower small businesses and fuel economic growth.”
Collaborations Driving Success
Nandan Mer, CEO of Network International, a key partner of CredibleX, shared his perspective on their collaboration:
“Our partnership with CredibleX has been incredibly impactful. Their embedded lending platform integrates seamlessly into our ecosystem, giving our SME clients quick and effortless access to capital. This aligns perfectly with our mission to empower small businesses and drive growth in the UAE.”
Innovating SME Financing
Anand Nagaraj, CEO and Co-founder of CredibleX, expressed his enthusiasm about the company’s progress:
“We are thrilled to have achieved this significant milestone in such a short time. Our embedded lending model is designed to solve one of the biggest challenges SMEs face—access to capital. By offering flexible and innovative financing options, we’re enabling small businesses to grow and succeed.”
Paving the Way for Economic Growth
CredibleX’s success aligns with the UAE’s broader vision of becoming a global hub for entrepreneurship and innovation. By streamlining access to financing, the company is playing a pivotal role in supporting the SME sector, a cornerstone of the UAE’s economy.
With its cutting-edge platform and strong backing from investors and partners, CredibleX is set to transform SME lending and foster long-term economic growth across the UAE.
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