Edge taps ECCI to localize defense supply chain + Mubadala backs CredibleX

CredibleX is now backed by Mubadala

Mubadala backs SME lender: Abu Dhabi sovereign wealth fund Mubadala has invested in UAE-based SME lender CredibleX as part of the firm’s Series A funding round, according to a press release. The SWF led the USD 15 mn equity raise in the Financial Services Regulatory Authority-regulated company, which also saw participation from Abu Dhabi-based venture capital player Further Ventures.

CredibleX? Launched in 2023, the platform’s offering spans revenue-based financing, receivables financing, and payable financing for SMEs. Currently, it works with 70 distribution partners.

ICYMI- The round follows a USD 100 mn senior secured credit facility secured last September. CredibleX also raised USD 55 mn in seed funding back in 2024.

Where is the money going? The new capital is set to support expansion across lending and adjacent services while deepening its partner network and strengthening its data and technology stack.

Edge localizes more defense systems

Edge + ECCI partner: Edge’s smart weapons subsidiary, Halcon, has tapped Emirates Cable Corporation Interconnect (ECCI) to manufacture high-tech cable harness assemblies under a AED 200 mn contract, according to a press release. The systems will be used in mission-critical operations that use weapons to ensure power distribution, signal transmission, and system integration.

BACKGROUND- Just earlier this week, Edge signed an MoU with France-based Icape to localize printed circuit boards, electronic components, and turnkey subsystem solutions within its domestic manufacturing operations. The agreements come as part of a broader focus towards localized defense production.