Abu Dhabi - Sharikat Mubasher: CredibleX, a pioneering embedded finance platform based in Abu Dhabi, successfully raised a $55 million seed funding round comprising equity and debt from notable entities, including Further Ventures for equity, Kilgour Williams Capital, and Berkley Square Finance, among other debt providers.
CredibleX will allocate the investment to accelerate its growth and broaden its services across the Middle East and North Africa (MENA) region, supporting more small and medium-sized enterprises (SMEs) and fostering their development, the company announced in a recent statement.
This round underscored the financial community’s confidence in CredibleX’s business model and future potential.
Anand Nagaraj, CEO and Co-founder of CredibleX, said: “We are thrilled with the progress we have made in such a brief time. This significant milestone underscores the need for innovative financing solutions that empower SMEs.”
Meanwhile, UAE’s Minister of State for Entrepreneurship and SME Alia Al Mazrouei hailed CredibleX’s efforts in transforming SME financing. She further affirmed the government’s commitment to nurturing such innovative initiatives that align with the UAE’s vision for global leadership in entrepreneurship.
CredibleX operates a dynamic platform that integrates seamlessly into SMEs’ daily operations, offering transparent and tailored financial services. Its technology-driven solutions are designed to meet the unique demands of the UAE’s diverse SME sector, simplifying the traditionally complex processes of business financing.
