E& enterprise to acquire a major stake in Beehive
By Leandra Monteiro
With this acquisition, e& enterprise will be able to provide an innovative lending solution to address the $250 billion SME credit gap across the GCC region combining its strong brand positioning with a FinTech platform.
This also marks the next step in e& enterprise’s expansion as the move marks its commitment to opening new growth centers across the UAE and in the region, while enabling Beehive to scale its business and expand its offerings.
Salvador Anglada, CEO, e& enterprise said, “The acquisition of Beehive’s digital lending platform marks the second step in e& enterprise’s journey in the Fintech space, after the launch of UAE Trade Connect in 2021. SMEs are important drivers of the economy and there is a need more than ever to support their unique financing needs. With Beehive, we have the right technological innovation to accelerate on our agenda in the UAE and beyond.”
Craig Moore, Beehive, Founder & CEO added, “This strategic alignment presents a huge opportunity to increase and accelerate financing to SMEs across the region. The market leading brand, reach and vision of e& and e& enterprise allows Beehive to drive more innovation and collaboration into the market. As one of the very first regional Fintechs, this is a validation of the Beehive team’s incredible effort over the last 9 years and reflects the vibrancy and success of the UAE’s start-up ecosystem.”
Traditional lending to SME’s is paper-intensive and relies on collateral and guarantees. FinTechs and alternative lenders have recently stepped into this space introducing advancements such as one-time KYC, fast onboarding, and use of data-driven credit scoring. The regulatory structure is also evolving rapidly in the region, fostering a conducive environment for both liquidity providers and borrowers.
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