CredibleX, an Abu Dhabi, UAE-based provider of a working capital finance platform for SMEs, raised US$55M in Seed funding.
The round consisted of a Seed equity investment from Further Ventures, and participation in debt from Kilgour Williams Capital, Berkley Square Finance, and other debt providers.
The company intends to use the funds to accelerate its growth and expand its offerings.
Led by CEO Anand Nagaraj, CredibleX is a provider of a working capital finance platform for SMEs that empowers companies to offer lending solutions to their SME ecosystem thereby creating a convenient lending solution for all partners. With over 35 distribution partners, such as Network International, DMCC, National General Insurance, Agthia, Watermelon, and Mamo, CredibleX has enabled financing opportunities for more than 100,000 SMEs, allowing them to apply for credit through its platform. CredibleX’s platform, which integrates directly into the operations of businesses, offers accessible financing options tailored to the needs of the UAE’s SME sector.
Since it began operations in March 2024, the startup had extended credit of AED 100Mn (US$27Mn) to SMEs in the UAE.
It is regulated by the Financial Services Regulatory Authority (“FSRA”) in the Abu Dhabi Global Market (“ADGM”) and holds Category 2, Category 3 and Category 4 licenses for providing credit, providing money services and operating private financing platforms.
FinSMEs
16/12/2024