The UAE-based startup CredibleX has established a name for itself in the embedded SME lending market.
The company, which is well-known for its creative methods, is transforming the way small and medium-sized businesses (SMEs) in the area obtain working capital. CredibleX has made large loan disbursements totaling AED 100 million since its founding, which has had a major effect on the local business community.
The business just revealed that a $55 million (AED 200 million) seed funding round that included debt and equity was a success. Notable organizations such as Kilgour Williams Capital, Berkley Square Finance, and Further Ventures for equity provide this significant financial support. The financial community’s confidence in CredibleX’s business model and future prospects is demonstrated by this strong support.
CredibleX runs a dynamic platform that offers transparent and customized financial services while blending in seamlessly with SMEs’ everyday operations. By streamlining the historically intricate business financing procedures, its technology-driven solutions are tailored to the particular needs of the UAE’s varied SME sector.
The money raised in this most recent round is intended to help CredibleX expand its offerings and grow faster. The objective is to assist an even larger number of SMEs, promoting their growth and adding to the UAE’s overall economic environment.
CredibleX’s efforts to revolutionize SME financing were praised by H.E. Alia Al Mazrouei, Minister of State for Entrepreneurship and SME. The government is dedicated to supporting such creative projects that fit with the UAE’s goal of becoming a global leader in entrepreneurship, she said.
The CredibleX partnership’s benefits and seamless integration were commended by Nandan Mer, CEO of Network International, who also pointed out how it helps SMEs’ digital commerce ecosystem.
“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.
