e& enterprise makes major acquisition with stake in Beehive
e& enterprise has signed a binding agreement to acquire a majority stake in the peer-to-peer digital lending platform Beehive. The acquisition aims to tap into the significant opportunities in the SME lending market, with Beehive facilitating over AED 1.5 billion worth of loans to date.
The move aligns with the UAE’s National Agenda for Entrepreneurship, which seeks to establish the country as an entrepreneurial nation by 2031. e& enterprise CEO, Salvador Anglada, stated that the acquisition of Beehive’s digital lending platform marks the second step in the company's journey in the Fintech space after the launch of UAE Trade Connect in 2021. He emphasized the importance of supporting SMEs, which are significant drivers of the economy, and how Beehive’s innovative lending solution will accelerate the company’s agenda in the UAE and beyond.
Beehive’s Founder and CEO, Craig Moore, added that the strategic alignment between the two companies presents a huge opportunity to increase and accelerate financing to SMEs across the region. The acquisition will enable Beehive to drive more innovation and collaboration into the market and reflects the vibrancy and success of the UAE’s start-up ecosystem.
Traditional lending to SMEs has relied on collateral and guarantees, but Fintechs and alternative lenders have stepped into this space, introducing advancements such as one-time KYC, fast onboarding, and data-driven credit scoring. The regulatory structure is also rapidly evolving in the region, fostering a conducive environment for liquidity providers and borrowers.
e& enterprise has continually combined the agility and expertise of a digitally managed and professional service company with the strength and reach of a telco to enable organizations across multiple sectors to maximize their digital potential. The company provides innovative digital vertical value propositions in Cloud, Cybersecurity, Internet of Things [IoT], and AI, propelling organizations and economies towards a smarter, safer, and more sustainable world.