CredibleX announced raising its seed round lead by Further Ventures.
The round comprised of equity and debt with participation from Kilgour Williams Capital, Berkley Square Finance, and several other local family offices and funds. CredibleX is a regulated SME lender that works with embedded partners to provide credit to small and medium sized businesses. Since it began operations in March 2024, the startup had extended credit of AED 100Mn (US$27Mn) to SMEs in the UAE.
ABU DHABI, UAE, Dec. 13, 2024 /PRNewswire-PRWeb/ -- CredibleX, UAE's Leading SME Lending Fintech, Provides Access to 100,000 SMEs for Financing and Disburses AED 100 Million During Launch
CredibleX, a pioneering working capital finance platform for SMEs, is proud to announce that it has successfully disbursed AED 100 million in loans to small businesses across the UAE since the pilot launch of its platform eight months ago.
With over 35 distribution partners, such as Network International, DMCC, National General Insurance, Agthia, Watermelon, and Mamo, CredibleX has unlocked financing opportunities for more than 100,000 SMEs, enabling them to apply for credit through its platform. CredibleX's platform, which integrates directly into the operations of businesses, offers fast, transparent, and accessible financing options tailored to the unique needs of the UAE's SME sector. By working with embedded partners, the company can reach a wide range of small businesses, offering them seamless access to capital without the complexities typically associated with traditional lending.
In addition, CredibleX is thrilled to announce that it has raised AED 200 million in equity and debt funding, securing support from some of the most prominent investors and financial institutions. This includes seed equity investment from Further Ventures, and participation in debt from Kilgour Williams Capital, Berkley Square Finance, and several other debt providers. The funding will accelerate CredibleX's growth and expand its offerings to help even more SMEs thrive.
H.E. Alia Al Mazrouei, Minister of State for Entrepreneurship and SME, expressed her strong support for initiatives that drive innovation in SME financing and acknowledged CredibleX's contributions: "I am truly pleased to see the progress made by CredibleX in such a short time," said H.E. Alia Al Mazrouei. "Their innovative approach to SME lending is a testament to how technology can empower small businesses and contribute to the growth of the economy. The Ministry of Entrepreneurship and SME is committed to supporting initiatives like CredibleX that not only provide vital access to funding but also promote entrepreneurship and innovation across the UAE. "CredibleX's success is aligned with the UAE's broader vision of becoming a global leader in entrepreneurship and innovation. By providing easy access to capital, CredibleX is contributing to the growth and diversification of the SME sector, which remains a critical pillar of the UAE economy.
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. Their embedded lending platform integrates smoothly into our ecosystem, providing our SME partners with quick and easy access to much-needed capital. This collaboration aligns perfectly with our commitment to supporting the growth of small businesses in the UAE."
"We are thrilled with the progress we have made in such a brief time," said Anand Nagaraj, CEO and Co-founder of CredibleX. "This significant milestone underscores the need for innovative financing solutions that empower SMEs. We believe that access to capital is one of the biggest challenges facing small businesses, and our goal is to change that. Our embedded lending model provides businesses with the financial flexibility they need to grow and succeed."