UAE's CredibleX Secures $55 Million to Expand SME Lending Services

CredibleX, a UAE-based fintech specialising in SME lending, has secured $55 million in equity and debt funding to expand its operations and enhance its support for small and medium-sized enterprises (SMEs).

Since its pilot launch, the platform has disbursed Dhs100 million in loans within just eight months, serving over 100,000 SMEs across the UAE.

The platform’s operations are bolstered by partnerships with 35 key distribution partners, including Network International, DMCC, and National General Insurance. These collaborations streamline access to CredibleX’s financing solutions, enabling SMEs to benefit from fast, transparent and tailored funding. The platform’s integration into businesses’ operations look to eliminate the complexities typically associated with traditional lending processes.

The funding round was led by Further Ventures for seed equity, with debt participation from Kilgour Williams Capital, Berkley Square Finance, and other investors.