Peer-to-peer lending platform Beehive is revolutionising alternative lending across MENA
Beehive is MENA’s first peer-to-peer (P2P) lending platform to be regulated in the Middle East by the Dubai Financial Services Authority (DFSA). It has rapidly grown into a leading disruptor in the fintech industry, providing an alternative finance solution for small- and medium-sized enterprises (SMEs) in the ever-growing lending ecosystem.
By harnessing the force of crowdfunding technology, Beehive stands as a beacon of innovation—a cloud-based, scalable digital lending platform that transcends traditional financing hurdles. The platform serves as the nexus where ambitious businesses converge with forward-thinking investors while creating a seamless channel for financial empowerment.
In their pursuit of excellence in innovation and technological advancement, Beehive recently signed off with UAE Trade Connect (UTC) as its newest member and second non-bank entity to join its consortium. This strategic alliance is set to enhance trade finance operations and fortify the fight against fraud in the UAE. Beehive will leverage UTC’s platform to detect fraudulent and suspicious invoices and mitigate duplicate financing risks against bank invoices, leading to more flow of working capital finance for its customers.
Beehive Founder and CEO Craig Moore said, “By joining the UTC platform, Beehive underscores its dedication to transparency and security in financial processes. We aim to revolutionize peer-to-peer lending alongside other UTC members by infusing greater transparency into the lending ecosystem.”
Zul Javaid, CEO of UTC, commented, “FinTech’s have emerged as a welcome addition in the GCC region enriching the financial landscape by providing innovative alternatives to traditional lending processes. Having Beehive in our consortium means that their working capital lending will be presented to our system daily, in real time, and will serve to de-risk their invoices as well as those of our member banks.”
UAE Trade Connect ( UTC), Launched in 2021, was co-created by e& enterprise and the UAE banking industry and offers a technology solution to detect suspicious transactions and prevent fraud and duplication in real time. This highly scalable advanced platform is completely cloud-native and incorporates cutting-edge technologies such as Distributed Ledger Technology (DLT), and Artificial Intelligence (AI). The consortium currently houses 14 members which includes banks and NBFI’s while additional financial intuitions are piloting the platform.
Beehive, is the first peer-to-peer (P2P) lending platform in MENA and is regulated by the DFSA in the UAE and the CMA in Oman. Beehive has a strong operational footprint across the GCC, including the rapidly growing market in the Kingdom of Saudi Arabia. Dedicated to empowering SMEs, which are pivotal to the economic framework but often face financing challenges, Beehive provides a lifeline by connecting them with global investors who, in exchange, can earn attractive returns. Addressing the staggering SME lending gap in the GCC, where SME lending stands at 3% with a credit gap of USD 250 billion, Beehive has successfully facilitated over AED 2 billion in funding for SMEs since its launch.
