UAE’s CredibleX lands $55m seed round to expand Credit-as-a-Service platform
CredibleX has raised $55 million in seed funding, comprising both debt and equity, to expand the reach of its Credit-as-a-Service platform to more SMEs in the UAE.
CredibleX raises $55m seed funding round
Abu Dhabi-based VC Further Ventures contributed the equity, while Kilgour Williams Capital, Berkley Square and other unnamed debt providers supplied the debt financing. The specific value of each component has not been disclosed.
The funds have been earmarked for “accelerating CredibleX’s growth and broadening its services”, according to a company statement, in an effort to “support an even greater number of SMEs” in the UAE.
This ambition received the approval of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) with licences issued in November.
Founded in 2023, CredibleX’s platform integrates via API with companies serving SMEs, enabling them to offer pre-approved lending solutions to their clients.
These solutions include SME insurance finance, B2B channel finance, POS finance and invoice finance, through which CredibleX claims to have disbursed around $27.2 million in loans to date.
