In a strategic move to enhance financial support for small and medium-sized enterprises (SMEs) in the UAE, fintech startup CredibleX has successfully secured $55 million in seed funding. The funding round included both debt and equity contributions, with equity being provided by Abu Dhabi-based venture capital firm Further Ventures and debt financing sourced from Kilgour Williams Capital, Berkley Square, and several other unnamed investors. The funds will be directed towards accelerating growth and expanding the range of services offered to SMEs, reflecting a robust market need for accessible financial solutions.
CredibleX, licensed by the Financial Services Regulatory Authority in Abu Dhabi Global Market, aims to leverage this substantial financial backing to broaden its suite of pre-approved lending solutions. These services, which integrate seamlessly via API, include SME insurance finance, B2B channel finance, POS finance, and invoice finance. Since its establishment in 2023, CredibleX has already disbursed approximately $27.2 million in loans, showcasing its capacity to meet the growing demands of SMEs effectively. This recent funding round underscores the company’s commitment to fostering innovation in financial services and enabling sustainable business growth for its clients throughout the UAE.