Is CredibleX the Future of SME Financing in the UAE?

10x Industry

Mokshita P.
10x Industry
Published:

Is CredibleX the Future of SME Financing in the UAE?

CredibleX, an innovative working capital finance platform, has successfully distributed AED 100 million to SMEs, empowering over 100,000 businesses with seamless, tailored financing solutions in just eight months.

CredibleX, a leading platform for working capital finance, has made a significant impact in the UAE by successfully disbursing AED 100 million in loans to small businesses since its pilot launch just eight months ago. The platform works with over 35 distribution partners, including major names like Network International, DMCC, National General Insurance, Agthia, Watermelon, and Mamo. These partnerships have allowed CredibleX to reach over 100,000 SMEs, helping them access much-needed financing.

What sets CredibleX apart is its seamless integration into businesses' operations, offering fast, transparent, and tailored financing solutions that meet the unique needs of the SME sector in the UAE. By collaborating with embedded partners, the platform makes it easy for small businesses to apply for credit without the typical complexities of traditional lending processes.

In addition to the success of its platform, CredibleX has raised AED 200 million in equity and debt funding. This includes seed equity investment from Further Ventures and debt participation from Kilgour Williams Capital, Berkley Square Finance, and other institutions. This funding will support the platform’s growth and enable it to help even more SMEs across the UAE.

H.E. Alia Al Mazrouei, the Minister of State for Entrepreneurship and SME, praised CredibleX’s innovative approach to SME lending and its role in supporting the UAE’s economic growth. She highlighted the importance of initiatives like CredibleX in providing accessible funding and promoting entrepreneurship.

CredibleX’s success aligns with the UAE's broader vision of fostering entrepreneurship and innovation. By addressing the capital access challenge for SMEs, CredibleX is playing a key role in the growth and diversification of the UAE’s economy.

Nandan Mer, CEO of Network International, one of CredibleX’s key referral partners, spoke about the value of the partnership, emphasising how the platform’s smooth integration into their ecosystem has made it easier for their SME clients to access financing quickly and efficiently.

Anand Nagaraj, CEO and Co-founder of CredibleX, expressed excitement about the platform's progress and the positive impact it’s had on small businesses. He highlighted that CredibleX’s embedded lending model is changing the game for SMEs, offering them the financial flexibility they need to thrive.