Abu Dhabi-headquartered Zelo, previously operating as eFunder, announced on Thursday that it has secured $715 million in capital from its parent company, International Holding Company, to broaden its financing offerings for small and medium-sized enterprises.
Zelo supports small firms and mid-sized suppliers by turning approved invoices from government bodies, major corporates and key regional companies into working capital, typically within one to two days.
Many smaller enterprises in the Middle East face prolonged payment cycles and frequently encounter difficulties accessing conventional financing options.
So far, Zelo has financed over 12,000 transactions valued at $225 million across various industries, including oil and gas, construction, infrastructure and retail. The company aims to reach $1 billion in gross financing volume by 2026.
“We aim to inject liquidity into B2B supply chains,” Zelo’s CEO Dhanush Arjun told Reuters. “In doing so, we want to strengthen and reinforce these supply chains for SMEs… and enhance liquidity to help drive GDP growth.”
Arjun noted that IHC’s backing will help accelerate the establishment of additional anchor partnerships, enabling Zelo to reach a broader supply-chain ecosystem.
