UAE-based embedded SME financial services provider CredibleX secured USD 55 mn in seed funding through a combination of equity and debt, according to a statement. The round witnessed the participation of several firms, including Further Ventures for equity, as well as Kilgour Williams Capital, and Berkley Square Finance, among other debt providers. The funds will help the company expand its services to SMEs.

About the company: Founded in 2023 by Ahmad Malik (LinkedIn), Anand Nagaraj (LinkedIn), and Hassan Reda (LinkedIn), CredibleX’s platform allows SMEs to apply for financing from its 35 distribution partners, which include Network International, DMCC, National General Insurance, Agthia, Watermelon, and Mamo, and allows startups to access financing options through the platform. Over 100k SMEs currently use the platform.

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