UAE-based e& enterprise announced it had acquired a majority stake in the UAE’s crowdfunding platform Beehive, for a valuation of $35 million, according to media reports.
Salvador Anglada, CEO of e& enterprise commented: “The acquisition of Beehive’s digital lending platform marks the second step in e& enterprise’s journey in the Fintech space after the launch of UAE Trade Connect in 2021.
“SMEs are important drivers of the economy and there is a need more than ever to support their unique financing needs. With Beehive, we have the right technological innovation to accelerate our agenda in the UAE and beyond,” Anglada added.
The UAE-based lending platform has so far raised $15.5 million in funding and has operations in the UAE, Bahrain, Saudi Arabia and Oman.
With this acquisition, e& enterprise will be able to provide an innovative lending solution to address the $250 billion SME credit gap across the GCC region combining its strong brand positioning with a fintech platform.
It connects creditworthy SMEs seeking finance with investors, both private and institutional, offering conventional as well as Sharia-compliant loans.
Craig Moore, Beehive’s Founder & CEO added “This strategic alignment presents a huge opportunity to increase and accelerate financing to SMEs across the region. The market-leading brand, reach and vision of e& and e& enterprise allows Beehive to drive more innovation and collaboration into the market.”
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.