CredibleX, the UAE-based company specializing in providing financing solutions for small and medium-sized enterprises (SMEs), announced its success in raising $55 million (200 million AED) in a seed funding round, comprising a mix of equity and debt financing.
Robust Funding to Drive Innovation in SME Financing
The funding round received strong backing from prominent investors, with Further Ventures leading the equity investment, while firms like Kilgour Williams Capital and Berkley Square Finance participated as debt providers. This level of support reflects the increasing confidence of the financial community in CredibleX’s business model and its ability to create a significant impact in the market.
Advanced Technological Solutions to Empower the Sector
CredibleX offers a dynamic, technology-driven platform that seamlessly integrates with the daily operations of SMEs:
- Tailored and Transparent Financial Solutions: Addressing the diverse needs of the SME sector.
- Streamlined Financing Processes: Simplifying complex traditional financing operations, enabling faster access to working capital.
- Proven Impact: Since its inception, the company has provided loans worth 100 million AED to support the local economy.
Expansion and Investment Plans
The new funding will accelerate the company’s growth and expand its services to support a larger number of SMEs in the UAE. This aligns with the country’s vision of sustainable economic development by empowering SMEs to grow and thrive.
Governmental Support and a Vision for the Future
Her Excellency Alia Al Mazrouei, Minister of State for Entrepreneurship and SMEs, praised CredibleX’s efforts to drive a transformative shift in SME financing. She reiterated the government’s commitment to supporting innovative initiatives that align with the UAE’s vision for global entrepreneurship leadership.
Meanwhile, Nandan Mer, CEO of Network International, commended the partnership with CredibleX, highlighting its critical role in bolstering the digital commerce ecosystem for SMEs.
Executive Leadership Statement
Anand Nagaraj, CEO and Co-founder of CredibleX, stated:
“We are proud of the progress we have achieved in such a short period. This milestone highlights the urgent need for innovative financing solutions that empower SMEs to achieve growth and sustainability.”
A Transformative Step for SME Financing
The success of this funding round marks a strategic milestone for CredibleX as it advances its mission to provide flexible and innovative financial tools that empower SMEs. This, in turn, strengthens their pivotal role in driving economic development in the UAE.
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