UAE-based startup CredibleX has successfully raised $55 million in a seed funding round aimed at enhancing its embedded finance solutions for small- to medium-sized businesses (SMBs).

The funding, which includes both equity and debt, has attracted notable investors such as Further Ventures, Kilgour Williams Capital, and Berkley Square Finance.

CredibleX offers a diverse range of financial solutions, including receivables financing, revenue-based financing, payables financing, and buy now, pay later (BNPL) options for businesses.

Earlier this year, CredibleX partnered with Qashio to launch a financing solution that provides immediate approvals and competitive rates for businesses in the Middle East and North Africa (MENA) region.

This new capital will be instrumental in accelerating CredibleX's growth and expanding its services to a broader range of SMEs across the UAE, aligning with the nation's vision for local business empowerment and economic growth.

Anand Nagaraj, CEO and Co-Founder of CredibleX, highlighted the company's rapid achievements and the increasing demand for innovative financing solutions to support SME development.

Alia Al Mazrouei, the UAE Minister of State for Entrepreneurship and SMEs, praised CredibleX for its innovative approach to enhancing SME financing and reaffirmed government support for such initiatives.

CredibleX's announcement comes in the context of the Make it in the Emirates Forum 2024, where over $6 billion was pledged for local product procurement as part of the UAE's National Strategy for Industry and Advanced Technology.

The company's solutions are designed to integrate seamlessly into the daily operations of SMBs in the UAE, providing them with access to various lending options.

In August 2024, CredibleX also collaborated with Fracxn to enhance its financial offerings by incorporating instant financing solutions.

Currently, CredibleX has established 37 embedded partners, including debt and securitization providers, as noted by Nagaraj in a recent LinkedIn post.

The Qashio Financing solution utilizes Qashio’s corporate cards and expense management tools alongside CredibleX’s platform to streamline the financing process for SMBs.