CredibleX, a platform providing working capital finance to SMEs, has secured AED 200M (USD 55M) in equity and debt funding, receiving support from notable investors and financial institutions.
This funding includes a seed equity investment from Further Ventures and debt participation from Kilgour Williams Capital, Berkley Square Finance, and others. The capital will help accelerate CredibleX’s growth and expand its offerings, supporting more SMEs in the UAE.
Since launching its pilot platform eight months ago, CredibleX has provided AED 100M in loans to small businesses across the UAE. With over 35 distribution partners, such as Network International, DMCC, and National General Insurance, the platform has enabled more than 100,000 SMEs to access credit.
CredibleX’s platform integrates directly into business operations, offering fast, transparent, and easily accessible financing tailored to the UAE’s SME sector. By collaborating with embedded partners, the platform provides small businesses with seamless access to capital without the typical hurdles of traditional lending.
H.E. Alia Al Mazrouei, Minister of State for Entrepreneurship and SME, commended CredibleX’s innovative approach to SME lending, stating, “I am pleased with the progress CredibleX has made in such a short time. Their model shows how technology can empower small businesses and contribute to economic growth. This aligns with the UAE’s vision of becoming a global leader in entrepreneurship and innovation.”
Anand Nagaraj, CEO and Co-founder of CredibleX, added, “We are excited by our rapid progress. This milestone highlights the need for innovative financing solutions for SMEs, and our model offers businesses the flexibility to grow and succeed.”
