• CredibleX, a UAE-based company, secured $55 million in seed funding from investors like Further Ventures and Kilgour Williams Capital.
• The company offers a technology-driven platform providing flexible financial solutions tailored to SMEs’ needs.
• With the new capital, CredibleX plans to expand its services to more SMEs across the UAE.

CredibleX, a UAE-based company specializing in integrated lending solutions for small and medium enterprises (SMEs), has successfully closed a USD 55M seed funding round. The funding, which includes a mix of equity and debt, was backed by prominent investors, including Further Ventures, Kilgour Williams Capital, and Berkley Square Finance.

An Innovative Platform for SMEs

CredibleX offers a cutting-edge technology-driven platform that seamlessly integrates with the daily operations of SMEs. The platform provides flexible and transparent financial solutions tailored to meet the unique needs of this vital sector. By simplifying traditional business financing processes, CredibleX enhances efficiency and accessibility for SMEs across the UAE.

With the newly raised capital, CredibleX plans to accelerate its growth strategies and expand its services to reach a broader base of SMEs in the UAE. This expansion aligns with the UAE’s vision to empower local businesses, boost economic growth, and establish the nation as a global hub for entrepreneurship and innovation.

“We are proud of the milestones we have achieved in such a short time. This success highlights the growing demand for innovative financing solutions that support SME growth”

 Anand Nagaraj, CEO and Co-Founder of CredibleX

Alia Al Mazrouei, UAE Minister of State for Entrepreneurship and SMEs, praised CredibleX’s innovative efforts to improve SME financing. She reaffirmed the government’s commitment to supporting initiatives that strengthen the UAE’s leadership in entrepreneurship.

A Broader Vision for National Growth

CredibleX’s announcement follows significant commitments made during the Make it in the Emirates Forum 2024 in June. Public and private entities pledged over USD 6 bn in additional guaranteed procurement opportunities for local products as part of the UAE’s National Strategy for Industry and Advanced Technology, also known as the 300 billion Project.

By addressing the financing challenges faced by SMEs, CredibleX is playing a pivotal role. In particular, the company is fostering entrepreneurship, driving economic progress, and supporting the UAE’s ambitious industrial and economic goals.