UAE-based embedded finance provider CredibleX has agreed a US$100mn secured credit facility with US private credit firm Pollen Street Capital.
CredibleX, which provides receivables and payables financing as well as short-term loans through its digital platform, says the funds will enable it to grow its loan book and significantly expand its footprint in the UAE.
Founded in 2023, the company now works with over 60 distribution partners and focuses primarily on SME borrowers seeking working capital finance. In December, UAE ministers praised the company’s progress in supporting SMEs following a US$55mn seed funding round.
For Pollen Street, which was founded in 2013 and has US$7bn assets under management across private equity and credit, the transaction is its first in the UAE market after opening an Abu Dhabi office earlier this year.
“UAE is a fast-growing economy which continues to diversify away from the oil sector, and this has led to the creation of a vibrant SME sector, which itself has created a working capital requirement for these fast-growing SMEs,” says Ethan Saggu, investment director at Pollen Street.
“Our facility, managed by the strong leadership team, will support CredibleX to grow its lending volumes by fulfilling the local liquidity demand.”
CredibleX’s co-founder and chief executive, Anand Nagaraj, adds: “Pollen Street’s expertise in private credit solutions and their confidence in our business model positions us perfectly to accelerate our mission of democratizing access to credit for small and medium enterprises in the UAE and beyond.”
