UAE’s CredibleX Secures $55M to Expand Embedded Finance Solutions
Transforming Small Business Financing with Innovative Solutions in the UAE and Beyond
UAE-Based CredibleX Secures $55 Million to Revolutionize Embedded Finance for SMBs
United Arab Emirates-based startup CredibleX has raised $55 million in a seed round to expand its embedded financial solutions for small and medium-sized businesses (SMBs).
The company’s solutions are designed for the UAE’s SMB sector, integrating with the daily operations of SMBs, according to an article in FinTech Global on Monday (Dec. 16), which CredibleX shared in a post on LinkedIn.
Through its FinTech offerings, the company helps provide access to lending to any organization that has SMBs as customers, according to its website.
CredibleX currently has 37 embedded partners and loan/security providers, CredibleX co-founder and CEO Anand Nagaraj said in a post on LinkedIn.
“Thank you to all [SMBs] who have chosen to work with us,” Nagaraj said in the post. “We’re just getting started and the team at CredibleX is excited to go the distance.”
CredibleX announced a partnership in August that will combine Fracxn’s instant financing solutions for SMBs with the financing solutions offered by CredibleX.
These solutions include receivables financing, in which SMBs receive money from their customers against unpaid invoices; revenue-based financing, in which SMBs receive money against expected future revenue through online platforms; payables financing, in which SMBs’ invoices are paid in full in large amounts, with lump sum payments and repayments in the future; and buy now, pay later (BNPL), in which SMBs can make large purchases and repay over time.
“Together, we are simplifying access to financing and giving businesses the tools they need to manage their finances efficiently and effectively,” Nagaraj said in an August 5 press release.
In January, CredibleX and Qashio joined forces to provide financing to businesses in the Middle East and North Africa (MENA) region.
The Qashio financing solution offers Qashio customers instant approvals and disbursements, competitive rates, and a user-friendly application process.
It is powered by a combination of Qashio’s corporate cards and expense management solutions and CredibleX’s embedded finance platform.
“Our partnership with Qashio brings together a game-changer for [SMBs], instant loan decision-making, a selection of financing options for [SMBs], and a seamless, embedded journey within Qashio’s app,” said CredibleX co-founder Ahmad Malik in a Jan. 7 press release.
