UAE’s CredibleX Secures $55 Million to Boost SME Financing

In a significant move to bolster financial support for small and medium-sized enterprises (SMEs) in the UAE, fintech startup CredibleX has secured $55 million (AED 200 million) in a seed funding round. This round comprises both equity and debt investments, reflecting strong confidence in the company's innovative approach to SME lending.

Since commencing operations in March 2024, CredibleX has made impressive strides by disbursing AED 100 million (around $27 million) in loans to SMEs across the UAE. The company's platform integrates directly into business operations, offering fast, transparent, and accessible financing options tailored to the unique needs of the SME sector.

The equity portion of the seed funding was led by Further Ventures, while the debt segment saw participation from Kilgour Williams Capital, Berkley Square Finance, and several other local family offices and funds. This substantial financial backing underscores the investment community's confidence in CredibleX's business model and its potential to transform SME financing in the region.

CredibleX's success is further highlighted by its extensive network of over 35 distribution partners, including notable entities like Network International, DMCC, National General Insurance, Agthia, Watermelon, and Mamo. Through these partnerships, the company has unlocked financing opportunities for more than 100,000 SMEs, enabling them to apply for credit seamlessly through its platform.

The recent infusion of capital is set to accelerate CredibleX's growth trajectory, allowing it to expand its offerings and support an even greater number of SMEs. This aligns with the UAE's broader vision of becoming a global leader in entrepreneurship and innovation, with SMEs playing a critical role in the nation's economic landscape.

High-ranking officials have acknowledged CredibleX's contributions. H.E. Alia Al Mazrouei, Minister of State for Entrepreneurship and SME, praised the company's innovative approach, stating, "Their innovative approach to SME lending is a testament to how technology can empower small businesses and contribute to the growth of the economy."

Additionally, Nandan Mer, CEO of Network International, a leading enabler of digital commerce in the Middle East and one of CredibleX's key referral partners, commented on the partnership: "Partnering with CredibleX has been seamless and has enabled us to refer CredibleX's financing solutions to our SME clients effortlessly."

Anand Nagaraj, CEO and Co-founder of CredibleX, expressed enthusiasm about the company's progress, stating, "We are thrilled with the progress we have made in such a brief time. This significant milestone underscores the need for innovative financing solutions that empower SMEs."

As CredibleX continues to expand its reach and impact, it stands poised to play a pivotal role in enhancing access to capital for SMEs, thereby contributing to the growth and diversification of the UAE's economy.