CredibleX, a lending platform for small and medium businesses (SMEs) in the UAE, is officially regulated by the FSRA at Abu Dhabi Global Market (ADGM).
The company has raised a $100 million senior secured credit facility from Pollen Street Capital. This deal is Pollen Street’s first-ever transaction in the UAE.
CredibleX was founded in 2023 by Anand Nagaraj, Ahmad Malik, and Hassan Reda.
The platform offers receivables financing, payables financing, and short-term loans through a fully digital app, helping small and medium businesses (SMEs) get working capital quickly and easily.
With this funding, CredibleX plans to grow its loan portfolio and build stronger partnerships in embedded finance.
It will also help the company meet the rising demand for working capital solutions for SMEs in the UAE.
“This facility is a major milestone in our growth journey and a validation of our embedded finance approach,” said Anand Nagaraj, Co-Founder & CEO of CredibleX. “It will allow us to scale our footprint and democratise access to credit for SMEs across the UAE and beyond.”
Pollen Street Partner Matthew Potter added:
“We are thrilled to support CredibleX in growing its lending volumes and providing quality financing solutions to SMEs. This transaction also represents a key milestone for Pollen Street as our first investment in the region.”
Read more- SnapE Cabs Secures $2.5 million Bridge Funding Led by Inflection Point Ventures
