CredibleX has secured $55M in seed funding, which includes both debt and equity, to extend the reach of its Credit-as-a-Service platform to more SMEs across the UAE.
Further Ventures, based in Abu Dhabi, provided the equity, while Kilgour Williams Capital, Berkley Square, and other unnamed debt financiers supplied the debt funding. The exact value of each component has not been revealed.
The capital will be used to “accelerate CredibleX’s growth and expand its services”, as stated by the company, with the goal of “supporting a larger number of SMEs” in the UAE.
This plan was approved by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM), which issued the necessary licences in November.
Launched in 2023, CredibleX’s platform connects via API with businesses serving SMEs, allowing them to provide pre-approved lending solutions to their customers.
These offerings include SME insurance finance, B2B channel finance, POS finance, and invoice finance, with CredibleX claiming to have disbursed approximately $27.2 million in loans to date.
