UAE’s SME lending start-up CredibleX raises $55m in seed round

By Gloria Methri

CredibleX, a working capital finance platform for SMEs, has raised AED 200 (USD 55) million in equity and debt funding, securing support from 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.

To date, CredibleX has 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.

H.E. Alia Al Mazrouei, Minister of State for Entrepreneurship and SME, expressed her support for initiatives that drive innovation in SME financing and acknowledged CredibleX’s contributions, saying, “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. 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.

“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.”