UAE-based startup CredibleX has raised $55 million in a seed round to grow and broaden its embedded finance solutions for small- to medium-sized business (SMBs).
The company’s solutions are designed for the UAE’s SMB sector, integrating into SMBs’ daily operations, according to a Monday (Dec. 16) article from FinTech Global that CredibleX shared in a post on LinkedIn.
With its FinTech offerings, the firm can help any company that has SMBs as their customers provide those SMBs with access to lending solutions, according to its website.
CredibleX currently has 37 embedded partners as well as debt/securitization providers, CredibleX Co-founder and CEO Anand Nagaraj said in a post on LinkedIn.
“Thanks to all the [SMBs] that have chosen to work with us,” Nagaraj said in the post. “We have just started and Team CredibleX is energized to travel the long distance.”
CredibleX announced a partnership in August in which Fracxn’s instant financing solutions for SMBs will be added to the financial solutions offered by CredibleX.
These solutions include receivables financing, in which SMBs receive money against unpaid invoices from their clients; revenue-based financing, in which SMBs receive money against their expected future revenue through online platforms; payables financing, in which SMBs’ invoices are paid fully on large, bulk payments and repayments are made in the future; and buy now, pay later (BNPL) for business, in which SMBs can make large purchases and repay over time.
“Together, we simplify access to financing and provide businesses with the tools they need to manage their finances efficiently and effectively,” Nagaraj said in an Aug. 5 press release.
In January, CredibleX and Qashio teamed up on an initiative to provide financing to businesses in the Middle East and North Africa (MENA) region.
The Qashio Financing solution provides immediate approvals and disbursements, competitive rates and a user-friendly application process for Qashio’s customers.
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 is a game-changer for [SMBs], bringing together instantaneous credit decision-making, a choice of financing options for [SMBs] and a seamless, embedded journey within Qashio’s application,” CredibleX Co-founder Ahmad Malik said in a Jan. 7 press release.
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